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McKinney leaders and developers are collaborating to address housing affordability as cost burdens continue to increase for low-income and middle-income households in the city, a report by housing research firm Root Policy Research states.
Despite local affordable housing projects underway, the city is experiencing an affordability gap for its lowest earning households, the report states. The city’s median household income is $124,215, the U.S. Census Bureau states, but more than 40% of McKinney households earn less than $100,000 annually.
Quote of note: If stakeholders fail to meet local affordable housing needs, essential workers will become increasingly cost-burdened, said Margaret Li, McKinney’s director of Housing and Community Development.
“Our next steps now are to develop that formal affordable housing strategy,” Li said.
What’s happening: Local stakeholders including developers, nonprofits and city officials gathered April 13 for the first McKinney Affordable Housing Summit. It featured multiple panel discussions and keynote presentations regarding affordable housing in the city.
The summit’s goal was to connect stakeholders, generate conversations and inspire future affordable housing projects in McKinney.
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