McKinney | July 2023

2023-2024

Cotton Groves

380 Villas

Celebrate! A SEASON

OF CULTURE & HERITAGE FEATURING AMERICAN ICONS & MULTICULTURAL COMPOSERS

RENDERING COURTESY SPHINX DEVELOPMENT Developer: Sphinx Development Type: multifamily, townhomes Location: 2 820 E. University Drive, McKinney Number of units: 260 Project cost: about $65 million Rental rate: 60% of area median income

RENDERING COURTESY HABITAT FOR HUMANITY COLLIN COUNTY Developer: Habitat for Humanity Collin County Type: townhomes Location: 3 northeast corner of Kings Row and Bumpas Street Number of units: 35 (phase one) Project cost: About $10.7 million Rental rate: 30% of monthly household income

“Best-kept secret in McKinney!” —GEORGE FULLER, MCKINNEY MAYOR

The Jeerson Verdant

The Palladium McKinney

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2023-2024 Season Tickets: MCKINNEYPHILHARMONIC.ORG

COURTESY JPI

RENDERING COURTESY CITY OF MCKINNEY

Type: multifamily, townhomes Location: 4 5649 Bois D Arc Road, McKinney Number of units: 383 Project cost: About $107 million Rental rate: blended rent, 80%-100% AMI

Developer: Palladium USA Type: multifamily

Location: 5 northeast corner of Virginia Parkway and Carlisle Street Number of units: 172 Project cost: $45 million Rental rate: 60% AMI

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SOURCES: CITY OF MCKINNEY, HABITAT FOR HUMANITY COLLIN COUNTY, JPI, KNIGHT DEVELOPMENT, MCKINNEY HOUSING AUTHORITYCOMMUNITY IMPACT

is funded by money from residential developers in exchange for property tax exemptions on aordable housing projects, she said. “We don’t have a ton of money in there yet but as we enter into more partnership deals, funding will go into that account that can be used at the [McKinney Housing Finance Corp.’s] and council’s discretion to address things like missing middle housing,” Flom said. A recently nalized Neighbor- hood Preservation Plan that consid- ered housing in McKinney’s historic east side neighborhoods also recom- mended establishing a community land trust. This would allow the city to purchase and hold land and existing homes to create aordable housing. City sta is considering the possibil- ity of using the funds to purchase inll land and build single-family homes

that would allow the residents to build equity through the community land trust model, Tieken said. “We, frankly, are still researching it, but that’s kind of where we’re going with it to just get it started,” Tieken said. “Purchase some lots, build some houses, and get them to folks that need aordable single-family homes.” City Council has not yet used the $1 million in funding that was allotted to the community land trust in 2022. “We’ve got lots of tools; we’ve got to gure out how we can best use them,” Beller said of the city’s programs. “We can budget for them but until we have the products created, or some sort of programs created, it’s hard to say, ‘Give us more money to spend.’”

The Ultimate Savings Event only applies for the purchase of an inventory home from Coventry Homes in the Greater Dallas Fort-Worth Metropolitan Area, with an original purchase date of June 9, 2023 through July 31, 2023. *For the $0 Closing Cost Promotion, Seller will pay up to $20,000 (amount varies by community) toward normal closing costs, including normal pre-paid closing costs held in escrow by the title company not to exceed the maximum Seller contribution limits allowed by Lender. This promotion does not apply toward Buyer’s down payment or Build On Your Lot purchases. Offer available only to qualified purchasers financing through Seller’s preferred Lender (FC Lending, CMC Home Lending or Jet Home Loans only) and closing through Seller’s Affiliated Title Company (Millennium Title of Texas, LC.). **Promotional “Buy-Down” rate is available to new qualified purchasers financing through Seller’s preferred Lender (Jet Home Loans only) and closing through Seller’s Affiliated Title Company (Millennium Title of Texas) and applies to the first two years only. Buyer must have purchased between June 9, 2023 and July 31, 2023 to participate and is not available to existing buyers that have already purchased. Funds are limited and may not be available at time of Loan Application. Buyer can choose the “$0 Closing Cost” or the “Promotional Rate Buy-Down” promotion, but not both. All loans are subject to credit and property approval. Programs, rates, program terms and conditions subject to change without notice. Other restrictions and limitations apply. Auburn Hills | Cambridge Crossing | Edgestone at Legacy | Mustang Lakes | Painted Tree | Star Trail | Trinity Falls | Union Park New Homes from the Mid $300s - $1 Million + CoventryHomes.com ULTIMATE SAVINGS EVENT Only for a Limited Time! $0 CLOSING COSTS OR INTEREST RATE LOCK when you purchase a home from Coventry Homes June 9 - July 31, 2023.*

For more information, visit communityimpact.com .

MCKINNEY EDITION • JULY 2023