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McKinney council backs Palladium’s 110‑unit senior housing application for 9% federal tax credits
Summary
City council voted to approve a resolution supporting Palladium USA’s application to Texas Department of Housing and Community Affairs for 9% Low‑Income Housing Tax Credits to build McKinney Ranch Senior Living, a proposed 110‑unit independent senior living community with 81 below‑market units.
The McKinney City Council voted Feb. 5 to approve a resolution of support for Palladium USA’s application to the Texas Department of Housing and Community Affairs for 9% low‑income housing tax credits for a proposed independent senior living community called McKinney Ranch Senior Living.
Margaret Lee, the city’s housing and community development director, summarized the program and the city’s review process, telling the council that the LIHTC program is “a federal program to incentivize the construction and renovation of buildings for affordable housing” and that a city resolution can provide additional points under the state Qualified Allocation Plan.
Kim Parker, Executive Director in Charge of Development for Palladium USA, presented project details. She said the proposal is a one‑building, 3‑ to 4‑story development with 110 units on a 3.7‑acre site on McKinney Ranch Parkway west of Lake Forest Drive. Parker described the affordability mix and amenities: “81 of those would be targeting residents between 30 and 80 percent area median income, 29 units at full market rate,” and the proposal includes community spaces, a pool with an accessible ramp, raised community gardens and on‑site programs delivered through a nonprofit partner.
Parker emphasized the narrow purpose of the resolution: “This resolution that we're requesting tonight is not a commitment to rezone the site or a guarantee of any particular outcome. It's simply a means to advance our efforts to explore developing much needed senior housing at this location.” She also said the 9% tax credit is essential to the project’s feasibility.
During discussion Councilman Cloutier expressed support, calling the proposed use “a low impact use in a pretty dense area” and noting proximity to retail as an asset. Councilman Phillips spoke in opposition to the resolution on fiscal grounds, saying it “removes this property from our tax rolls and it benefits 81 people to some degree while causing the citizens of McKinney to lose substantial amounts of ad valorem tax moving forward.” City staff and the applicant clarified that the federal tax credit program does not change property tax obligations; the development will pay property taxes and is not seeking a local tax exemption.
Following debate, Councilman Cloutier moved to close the public hearing and approve the resolution of support; Councilman Franklin seconded. The motion passed with one member voting no (Phillips).
The resolution is an endorsement for Palladium’s application to TDHCA and does not confer zoning or construction approvals. If Palladium secures tax credits, additional local approvals — including any required rezoning and permitting — will be considered separately.
