The Remnant at Greenwood I
900 Murray Place (formerly Cockrell Homes)

The Remnant at Greenwood II
1001A Throckmorton St. (formerly Lloyd Owens)

Drafts of the site plans.

McKinney Housing Authority

DETAILS:

Number of Units: 96
Total Development Cost: $39,700,811
Development Type: LIHTC
Development Partner:
McKinney Housing Authority
Project Type: 4%

SOURCES:

First Mortgage: $20,400,000
MCDC Loan: $1,800,000
Development Investment: $2,300,851
Equity: $14,881,541

Total Sources: $39,700,811

*Sources, as of closing

PROJECT NARRATIVE:

The Remnant at Greenwood, LP is the result of a partnership between McKinney Housing Authority (MHA) and Knight Development to revitalize 65 years and older housing that has exceeded its usefulness. The proposed development effort will demolish the existing 50 units, currently known as Cockrell Homes and Lloyd Owens, and reconstruct a total of 96 units, consisting of duplexes, townhomes, and multi-story walk-up buildings. Upon completion, these new neighborhoods will almost double the available, affordable housing offerings for low-income residents in McKinney.

Amenities & Upgrades may include:

  • Laundry connections

  • Blinds/window coverings

  • Energy-star appliances

  • LED lighting

  • Eight-foot ceilings

  • Thirty-year shingle roof

  • 15 SEER HVAC

  • Furnished Community building

  • Computer lab/Media Center

  • Playground

  • ADA Accessibility

  • On-site Leasing/Management office

PROJECT PARTNERS

Developer:

Knight Development Co
Harmony Housing Affordable Development                 

PHA:

McKinney Housing Authority

Architect:

Perez

General Contractor:

Snyder Construction

Property Management:

Allied Orion Group

Financial Partners:

McKinney Housing Finance Corporation
Citi Community Capital
Red Stone Equity Partners
Texas Department of Housing & Community Affairs
McKinney Community Development Corporation

UNIT COUNTS (96 Total) & RENTAL RATES*

REMNANT I - 46 UNITS

1 Bedroom  |  Units: 4
Contract Rent: $1,494

2 Bedroom  |  Units: 11
Contract Rent: $1,746

3 Bedroom  |  Units: 26
Contract Rent: $2,220

4 Bedroom. |  Units: 5
Contract Rent: $2,884

REMNANT II - 50 UNITS

1 Bedroom  |  Units: 6
Contract Rent: $1,497

2 Bedroom  |  Units: 11
Contract Rent: $1,749

3 Bedroom  |  Units: 28
Contract Rent: $2,225

4 Bedroom  |  Units: 5
Contract Rent: $2,887

*Rents, as of closing