All right we're going to call it order the McKinney Housing Finance Corporation meeting. It's Friday, September 13th at 8.14am. We're here in McKinney, Texas. First do we have any public comments on agenda items? All right. Next will be the consent items. We'll start off with number 24, 1951 minutes of the McKinney Housing Finance Corporation meeting, August 9, 2024. Those are attached. If everyone needs a minute to read over the minutes, that's fine, but I read through them and they looked accurate, so I'll put forth a motion to approve the minutes as written. Second. Second. All right, all those in favor? Aye. Fourth of motion to approve the minutes as written second Second all right all those in favor Passes all right regular agenda items. We just have one. It's item number 24 1952 consider discuss act on a request for qualifications for future affordable housing development Use utilizing public private partnership with the McKinney Housing Finance Corporation. And that draft RFQ is attached, crystal revenue. Yes, it is attached. And there's also an information sheet that I'll show up on the screen up here. For some reason, it did not make the packet. If you clicked on your link in your email, you would have seen it, but it is not in the printed packet. But this kind of just explains the RFQ a little bit that this is an RFQ for future affordable housing development, utilizing a public private partnership with the HFC. It is for new construction, multi-family development, west of 75. So anybody that's submitting for new construction, we're going to want that development west of 75. Something new to this RFQ that we have not had in past RFQs is an acquisition rehab component where we always have investors calling us and saying let's go purchase these apartments. Let's do these let's buy these and so they can submit if anybody would like to do an acquisition rehab for development that is 15 years plus. And that can be citywide. That does not have to be west of 75. Then it just goes on to talk about our section 394 allows the housing finance corporation to do public-private partnerships to create affordable housing. The HFC will benefit from the development. You know, those fees will be negotiated by our partnership council. After the approval of this RFQ today, it will then go to City Council for their approval on Tuesday of next week, and then it will publish that weekend. So question, can you explain the emphasis for what's the 75s because we've already got too much going on each. Right so west of 75 is a high opportunity area in our census tracks east of 75 are oversaturated when you're looking at low-income tax credits when they're applying for the tax credits through the state. They get additional points if it's west of 75. And how many proposals will we accept it as if we were trying to select a single developer or is it going to be multiple? We will only select one. Yes, this time around. And we tend to issue an RFU about every two years. And our last development, which is plenium, is currently under construction, as you guys see when you drive on Virginia. So once they get to about this point, they get to the leasing stage is when we usually issue our next RFU. So that's where we're currently at on issuing this one for our next development. Because depending on what type of deal they do, if it's an acquisition rehab, obviously that'll be a quicker turnaround. But if you are doing new construction and it needs to be rezoned or anything like that, like the independence, that deal from beginning to end was five years because of the rezoning and everything. So it's easily two-year project. So it's time to get the next one going. We will, after it will publish for the next two weeks, after City Council proves it next week, and then we will start interviews. As you guys know, we did appoint a subcommittee last meeting. The subcommittee members did meet and reviewed this RFQ and we discussed it and went over all of it. And then they will also be in, they will also be on the committee to help select the new developer that we work with. When this goes to Council next week, City Council will approve two council members to be on that subcommittee as well. Cool. Cool. What's the timeline like for this election? If all goes well, we will be back here November 8th to approve our developer. It really is a very tight process. I mean, we published for the two weeks, we give them a week to get it back to us. The following week, the subcommittees reviewing it, the next week we're selecting and then it's coming back here. Have there been any developers put out feelers to say when it's going to be ready? Always. Always. And this subcommittee review, the statements qualifications is effective. So do we look at them? No. Okay. Have, do you have any ideas of if there's been anyone come up with a rehab project yet? Put that right in the middle. Yes. Okay. Awesome. We've had to reach out for those. Cool. So they get that that week to respond? If they don't see it till the last notice, yes. Other than that, there's really three weeks in there from the first notice to the end. But I will send an email out to all the developers that have reached out to me and they will know that it's already available. So they won't really be waiting. I don't think anybody is going to be surprised to see it. So as a thought if we'd get a small rehab project, do we, is that all we'll do or do you think we'll also look at doing a development as well? Like a new development as well? Well with the rehab we would still be a partner on it. Okay. We'd still be partnering on the deals. We'd be the same type of project and just wouldn't be new construction. So, so when the developers make the seminal, they're going to be closing a specific project? Yes. And then we're evaluating the merits of each project. Right. Is there one preferred over the other? Like rehab or not bills? No, not really. I think it's an interesting that you know the ones that are already there, it's a quick turnover. You have the affordable units sooner. And then some of these developments, if they're purchasing property that's already been there for years, they really need an update. And then it makes a affordable housing, which wasn't affordable housing before that's a win you know that's definitely units on the ground quicker but there's not a preference of one over the other I'm all about whatever affordable units we can get. Are there any sites that the maybe the city would like to see really redeveloped because maybe they're kind of a delabited or not but you know they're maybe starting to turn into kind of problem areas. It's going to be more trouble than it's worth to rehab it. Is that what you think? No, I'm saying like, is there anything that we would really like to see rehabbed? Oh, you know, I think not really, there's not a list. There's not a list that we have going on in free apps, but you do look at some of those developments, which ones are coming up that are no longer going to be affordable, that they could sell them at open market now and to keep some of those from turning to market rate. I mean, those are always big ones to be able to get and look at that list of who's coming up. But some of the ones that have reached out are older ones that have been here over 15 years that are not currently affordable housing that would turn to affordable housing. Yeah, I just, I mean's making these a pretty new city so it's not like I know in like we've report worth like there's some that kind of once that apartment big apartment complex starts to go down hill the whole area starts to suffer. Yeah we think about any of the ones off El Dorado. Yeah. Like Saxon Woods like Seville Dorado all of those are older apartments that were built in 2000 so I mean they've all been here over 20 years. How long has Adriatic ability set of curiosity? How old is that? You know? It was built after the O8 crash I think except for the tower. Yeah I would know the exact answer that one. That was our mayor's baby wasn't it? Yes sir. That's where my mom lives right now. the exact answer that one. And that was our mayor's baby, wasn't it? Yes, sir. That's where my mom lives right now. Cool, it's pretty. A little bit of Croatian, our backyard. Yeah, well, say if my mom's Italian, it reminds her of Italy. So yeah, that's very similar. That's great. All right, any other questions on the proposal? A little bit of our motion. Looking for a motion to approve? It's out there. I make a motion to approve the request of issuing your request of cost cases But a future affordable Some others in favor? Any opposed? Motion carries All right any other comments on anything, Crystal? Alright, a motion to adjourn. Motion to adjourn. Check it. All those in favor? Aye. Passes. Alright.