The development, 380 Villas, is set to open in east McKinney in 2024. Sphinx Development is overseeing the $65 million affordable housing project.
Tenants eligible for this community must make 60% or less of the area’s median income of $97,400. The project received a 4% housing tax credit from the town, which will allow the units to be rented out at a reduced rate. Other funding for the project came from tax-exempt bonds and a multifamily direct loan from the Texas Department of Housing and Community Affairs. The project, on 14 acres, will include 260 units—36 studio apartment units, 82 one-bedroom apartment units, and 120 two-bedroom units and 22 three-bedroom units. Monthly rental rates will average between $866-$1,400 depending on unit size and income restrictions on the unit.
The full-service community will have a pool, a playground, a half-court basketball court, a clubhouse with coworking space, a dog park and more.
Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.
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