Real estate
BY COLBY FARR
McKinney seeks developer for Community Land Trust townhomes
More details
Through the request for qualifications process, developers will be scored based on previous experience in building townhomes or single-family homes, Todd said. City officials anticipate finding a development partner this summer. When buying a home through the trust, they will own the structure but not the land. The land stays within the trust and is leased to the homebuyers, Todd said. Homes can be sold without the cost of land considered in the purchase. Leasing revenue to the trust could be used for more affordable housing opportunities, Todd said.
properties and finance the cost of residential homeownership with a dedicated fund. It’s a new tool the corporation has in addressing housing affordability, Todd said. MHFC, established in 1980, is a nonprofit arm of the city focused on promoting affordable housing opportunities. MHFC is run by a seven-member board appointed by McKinney City Council. It operates a program assisting first-time homebuyers with down payments and finances construction for affordable apartment communities, according to its website. “We do it in so many ways,” Todd said. “Not only with the Community Land Trust but at all levels.”
An affordable townhome development is slated for north McKinney. City officials posted a request for qualifications in May seeking a development partner to build affordable townhomes near the corner of Bridgeport Road and North Lake Forest Drive. Affordable Housing Administrator Cristel Todd said it will be the first project through the Community Land Trust, an initiative aimed at making housing more affordable. “It’s going to be a great development for us to build some townhomes,” Todd said. McKinney City Council members designated the McKinney Housing Finance Corp. as a Community Land Trust in May 2024. It enables the corporation to purchase eligible
“It’s just the same as buying a traditional home. You just don’t own the land that it’s on and that’s what keeps it affordable.”
CRISTEL TODD, AFFORDABLE HOUSING ADMINISTRATOR
How a Community Land Trust works The trust can purchase land, hold it and partner with developers to build affordable housing on that land.
Townhome development site
3.6 acres
Land is acquired and owned by the trust
The trust partners with a developer to develop housing units
Resident purchases the home at an affordable price
Resident leases the land from the trust
20 townhomes
1 acre dedicated to green space
B R I D G E P O R T R D .
Land is held in perpetuity for affordable housing purposes
Resident can sell the home at a restricted price
Resident generates equity on the home
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SOURCE: CITY OF MCKINNEY/COMMUNITY IMPACT
SOURCE: CITY OF MCKINNEY/COMMUNITY IMPACT
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