Two apartment projects along U.S. 380 are lined up for a first step toward tax-exempt financing when the McKinney Housing Finance Corporation meets Friday morning.
The corporation's board will consider resolutions authorizing applications to the Texas Bond Review Board for private activity bond allocations: up to $80 million for the Torrington Terry Apartments and up to $55 million for the Forest View Senior Living project. The meeting is at 8 a.m. Oct. 9 in the Virginia Conference Room at City Hall, 401 E. Virginia St.
The two projects
According to the draft resolutions, Torrington Terry would be built at about 4025 W. University Drive, south of U.S. 380 and west of U.S. 75 off Terry Lane. The corporation would lend bond proceeds to Torrington Terry, LP or another affiliate of JPI Affordable Development to acquire, build and equip the property. The applications could cover allocations for 2027 or 2028, or a carryforward.
Forest View Senior Living is planned near the northeast corner of Lake Forest Drive and U.S. 380. Its borrower is listed as Forest View Seniors, LP, and its applications could cover 2026 or 2027 allocations.
Neither resolution issues bonds. Each authorizes the application, declares the corporation's intent to reimburse project costs from future debt, and names Robert D. Dransfield and Cristel Todd as hearing officers for the public hearings federal tax law requires before such bonds are issued.
A stricter scorecard
The board will also vote on an updated Affordable Housing Scorecard, the city's yardstick for rental projects that seek tax exemptions through the housing finance corporation, the McKinney Housing Authority or the McKinney Public Facility Corporation. The council adopted the first version in February 2025.
A staff presentation dated Oct. 1 lists the proposed changes:
