Real estate
BY SHELBIE HAMILTON
Local voucher program to aid residents
Qualified participants include:
Households making between 30%-50% of the area median income of $113,286
A new program from the city of McKinney could help residents at risk of losing their housing. McKinney City Council members unanimously approved a local gap housing voucher program as part of the consent agenda at a May 21 meeting. The gist The local gap voucher program will offer fund- ing for qualified McKinney residents. The pilot program will offer vouchers for 10 households and is estimated to cost $150,000 for the first year. The funding will be sourced from the McKinney Public Facility Corporation, which has a fund balance of $500,000, according to city documents. Program participants would pay up to 30% of their income toward rent, rather than their full housing costs. The program will follow guidelines similar to those in place for the city’s Tenant Based Rental Assistance program. City staff aim to continue the program using
revenue from a public-private partnership between the city and development firm JPI. The partnership created a 383-unit affordable housing development, the Jefferson Verdant, that is expected to generate $420,000 annually, said Cristel Todd, interim director of the Housing and Community Development department, at a May 21 work session prior to the regular meeting. What they’re saying Todd said the program will assist in preventing seniors or people with disabilities from becoming homeless while on the growing waitlist for a Housing Choice Voucher. Council member Patrick Cloutier said rising housing costs are impacting residents on fixed incomes, such as those who receive Social Security. “This is a growing problem. ... These people might be homeless if it weren’t for this kind of program,” Cloutier said.
Seniors age 62 and older
People with disabilities
Households living in tax credit apartments that have seen price increases
SOURCE: CITY OF MCKINNEY/COMMUNITY IMPACT
“We’re trying to help folks that ... already receive assistance. They’ve lived here a really long time … but because our housing prices are increasing so dramatically … they are on the verge of having to leave or being kicked out.” KIM FLOM, ASSISTANT CITY MANAGER
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