I was just in McKinney for the first time about a week and a half ago. Visiting some friends that moved there. Nice town. I was really digging what they have done with their downtown area. Saw multiple chamber of commerce handouts that said they were the "Number 1 place to live in America".

It wasn't clear if the article you later posted was the same project as the one in your OP.

From your OP, sounds like they are building a mixed-income complex. Essentially, rent is charged on a sliding scale based on income. Poorer people pay less, less poor people pay more.

The investors get tax credits for building these types of projects.

The city/county gets property taxes.

We have a few of these in Chalmette. A lot of people were very, very, very upset about it and tried to block it. In the end, the complexes went through. In the several years they have been open, there has not been a hint of trouble. The owners need some full-rent tenants to make the financials work, so they are not going to just let it go to hell.

They have done a few of these in Katy as well, and it seems to be going ok.

1 ...

Report Post

Posted by shel311

McKinney, Texas

Member since Aug 2004

111123 posts

Posted on 7/11/16 at 10:45 am to LSUFanHouston

quote:
It wasn't clear if the article you later posted was the same project as the one in your OP

I'm confident it is, but not 100%.

It's also the same Anderson Development Project or whatever it's called from the article as on the petition I signed, so I think it is.

quote:
We have a few of these in Chalmette. A lot of people were very, very, very upset about it and tried to block it. In the end, the complexes went through. In the several years they have been open, there has not been a hint of trouble. The owners need some full-rent tenants to make the financials work, so they are not going to just let it go to hell.

That's good to hear, maybe I am overreacting a bit.

quote:
The city/county gets property taxes.

Yea, that's true. I just wonder if I'm overstating it or overthinking, but if surrounding home values go down, that's a lot to be lost in property taxes as well.