A multifamily-style affordable housing project is coming to McKinney after a rezoning request was approved by McKinney City Council at a March 7 meeting.

The project is being developed by Dallas-based developer Palladium USA and will offer 172 multifamily units all priced for applicants that make 60% or less of the area’s median income. The project, located at the northeast corner of Virginia Parkway and Carlisle Street, will include a four-story development on about 5 acres of land.

Over 60% of the units will be two- or three-bedroom units with two bathrooms that are designed for families, specifically those with school-aged children. The development is adjacent to a nearby McKinney ISD elementary school as well as two churches and an existing apartment complex.

The project received a 4% housing tax credit and the developers are negotiating with the McKinney Housing Finance Corporation to make the development a collaborative effort with the city.