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Council backs Skyway Villas’ application for 4% tax credits to fund $22M rehab
Summary
The council voted 7-0 to issue a resolution of no objection for Skyway Villas’ 4% housing tax credit application; staff said the acquisition‑rehab will invest about $22 million and retain 232 affordable units with deeper affordability for some units.
The McKinney City Council unanimously approved a resolution of no objection allowing Skyway Villas to apply for 4% housing tax credits through the Texas Department of Housing and Community Affairs, a step staff described as necessary for the project’s financing.
Crystal Todd, the city’s affordable housing administrator, said Skyway Villas (2000 Skyway Drive) is a 232‑unit property that will undergo acquisition and rehabilitation; staff estimated $22,000,000 in renovation costs and said the project will preserve long‑term affordability, with an allocation of additional units at 30% area‑median income and protections to keep the property affordable for 30 years. "This application will allow them to apply for 4% tax credits through TDHCA," Todd said, explaining the financing mechanism.
The council closed the public hearing and approved the staff‑recommended resolution on a 7-0 vote. Todd noted that the McKinney Housing Finance Corporation will be a tax‑exempt partner and that the corporation is expected to receive more than $3,000,000 in tax exemptions related to the development’s financing structure.
Council action constituted a standard municipal "no objection" resolution needed for TDHCA submissions and does not itself authorize site work or construction; subsequent permits and compliance steps will follow applicable state and local processes.
