McKinney Housing Finance Corporation (MHFC) - What We Do
McKinney Housing Finance Corporation (MHFC) provides single-family home ownership and multi-family rental opportunities to persons meeting certain income requirements. Our services include the following:
- Single-family housing – We provide assistance to first-time homebuyers with our Down Payment Assistance Program and Mortgage Credit Certificate Program. These programs help families achieve homeownership by decreasing the financial burden of mortgage and related purchase costs.
- Multi-family housing – We also finance the construction or acquisition of multi-family communities designed to provide below-market-rate rental opportunities. As appropriate, we co-develop and assume an ownership role.
MHFC works with consultants, builders, realtors, lenders and local leaders to build relationships that benefit area residents. By providing these programs and building local partnerships, MHFC is turning local dreams of homeownership into reality while contributing to the economy and quality of life of McKinney residents.
Who We Are
MHFC is a public non-profit corporation that was established in 1980 under the provisions of the Texas Housing Finance Corporation Act, Chapter 394, Local Government Code, as amended, for the purpose of benefiting and accomplishing public purposes of and on behalf of the City of McKinney, Texas. Such purposes include, financing the cost of residential ownership and development that will provide decent, safe and sanitary housing for residents of the city at prices they can afford. The corporation is exempt from federal taxation under the Internal Revenue Code.
The primary activity of MHFC is to issue tax-exempt single-family mortgage revenue bonds and bonds for affordable multi-family housing projects. This brings in revenue for the MHFC to create and promote affordable housing opportunities.
The MHFC board includes seven volunteer residents of McKinney appointed by the McKinney City Council. Each member may serve up to two, two-year terms.
Single Family Programs
- Mortgage Credit Certificate Programs – Tax Credit for qualified first-time homebuyers.
- Down Payment Assistance Program – Assistance with the down payment on a home for qualified first-time homebuyers.
- Housing Rehabilitation Program - provides home repairs for low and moderate income homeowners in McKinney.
- SETH Five Star Texas Advantage Program - provides down payment and closing cost assistance for qualified homebuyers when purchasing a home. Do not have to be a first-time homebuyer.
- Multi-Family Bond Financing – financing for construction or rehabilitation of multi-family communities that meet specific rental rate guidelines.
- 9% Tax Credit Program – tax credit on multi-family projects that meet specific guidelines.