McKinney council backs tax-credit application for 288-unit Franklin Branch affordable housing project

The McKinney City Council voted to approve a resolution of no objection that clears the way for the NRP Group to apply to the Texas Department of Housing and Community Affairs for a 4% housing tax credit for the Franklin Branch Apartments. Staff described the project as a 15.7-acre, 288-unit complex offering one- to four-bedroom units rent- and income-restricted at tiers between 30% and 70% of area median income (AMI).

Margaret Lee, the city's housing and community development director, told the council the development is a co-development partnership with the McKinney Housing Finance Corporation and that the MHFC will receive tax-exemption-related revenue in exchange for the exemption. Nick Walsh, representing the NRP Group, described the financing step as a necessary state-level prerequisite and summarized the site and services. "This is a resolution of no objection. This is a requirement for the financing for the property," Walsh said.

Walsh said the project will include wraparound resident services at no cost to residents—after-school programming, summer camps, financial-literacy and first-time homebuyer programs—similar to a prior successful city-HFC partnership (the Independence). Lee noted the HFC will receive approximately $5,900,000 over 15 years tied to the tax exemptions.

Council members who live near existing HFC properties spoke in support. One council member said of a comparable property, "The people there are some of the happiest people I've experienced," and argued the location and unit mix would help meet workforce housing needs near major local employers.

The council closed the public hearing and approved the resolution by voice vote. The resolution enables the developer to submit the tax-credit application to the state but does not itself commit city funds or finalize a development contract.