A $35.9 million redevelopment project will almost double the available affordable housing units for low-income residents at the Lloyd Owens and Cockrell homes...
— a real estate development company that specializes in working with public housing authorities and nonprofit organizations to create and rehabilitate affordable housing — is partnering with the McKinney Housing Authority to demolish the existing 50 units at the Lloyd Owens and Cockrell homes that were built on the east side of State Highway 5 in the late ‘50s.
“These units are targeted to serve low- and very-low-income families and individuals at 30% or below the area median income , providing much-needed inventory in a community with a critical need for affordable housing opportunities and relief to a few more of the workforce who struggle to live and work there,” Brunini said.
The proposed development will also include a community building on the Lloyd Owens site that will provide amenities such as a computer lab and playground. Knight Development is also reaching out to local organizations interested in partnering to provide social services to residents. The project is funded through $12,215,028 in low-income housing tax credits from the Texas Department of Housing and Community Affairs and tax bonds issued through the McKinney Housing Finance Corporation, Brunini said. In addition, $1.8 million in gap funding was provided by the McKinney Community Development Corporation, as well as $200,000 from the McKinney Housing Authority, and the developer is investing $1,360,488 in developer fees.
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