Marking the first partnership of its kind, The NRP Group and the McKinney Housing Finance Corporation (MHFC) celebrate the grand opening of The Independence, an affordable multifamily housing community located at 2150 Collin McKinney Parkway. Conveniently situated off I-75 near local parks, restaurants, retail and hospitality, the 205-unit community features floorplans from one- to four-bedroom units for working families with affordable rental rates for qualified perspective residents. The Independence offers critical wrap-around resident support services including health and wellness screenings, after school programming, financial literacy training and provides top-tier community amenities including a sparkling pool and sundeck, 24-hour fitness center, barbeque grills, luxury lounge, outdoor playground and controlled access.
“We are thrilled to partner on this much-needed development for McKinney residents,” said Bob Fisher, MHFC president. “The Independence is our first affordable tax credit partnership for the city of McKinney. As an organization, it is our responsibility to provide quality and necessary housing options for our residents, and The Independence fulfills that mission.”
The research and development process for The Independence began in 2017 when MHFC’s board of directors appointed a subcommittee to develop a Request for Qualifications to vet and identify a housing development partner. The McKinney City Council supported the discussion and efforts of the MHFC and applauded the vision for quality affordable housing.
“The Independence not only offers working families a safe and quality place to call home, but enhances our entire community,” said Mayor George Fuller. “Providing obtainable options for local residents to work and live in our rapidly growing city invests in our neighborhood, generates job growth and drives economic development in McKinney. We could not be prouder to welcome residents to this outstanding Community.”
In January 2019, the city of McKinney and the MHFC voted to work with The NRP Group and planning began. The property was awarded tax credits and the two entities moved forward in co-partnership roles.
“We are incredibly honored to have partnered with MHFC and the City of McKinney to bring highquality, affordable housing to the city at such a critical time,” said Nick Walsh, Vice President of Development at The NRP Group. “We are fortunate to collaborate with partners dedicated to improving the lives of McKinney residents.”
The Independence is currently moving families in. For more information visit https://www.theindependencemckinney.com/. Prospective renters can apply online or in person.
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 taxexempt 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.
The NRP Group is a vertically integrated developer, owner, builder, and manager of best-in-class multifamily housing. Since its founding in 1994, NRP has developed more than 50,000 apartment homes, and currently manages over 26,000 residential units. The company utilizes the entire breadth of its inhouse capabilities to fulfill its mission: creating exceptional rental communities for individuals and families, regardless of income. Through its disciplined approach to vetting opportunities, NRP has established a track record of delivering impressive returns for investors. The company’s formidable size and depth of talent provides the experience and infrastructure necessary to execute developments of varying degrees of complexity and scope in both urban-infill and suburban locations, including market rate, affordable, and senior housing. The NRP Group has been named the 2021 NMHC #3 Top Multifamily Builder in the U.S. and #5 Top Multifamily Developer, and Affordable Housing Finance has named The NRP Group #2 Top Affordable Housing Developer. The NRP Group is a winner of the National Association of Home Builders (NAHB) Multifamily Pillars of the Industry award for “Builder of the Year” and a three-time recipient of the “Development Firm of the Year.” For additional information, please visit https://www.nrpgroup.com/.