Once complete, the 2.75-acre neighborhood will offer 35 units for qualifying low- to moderate-income families to purchase. Residents’ monthly payments will cost no more than 30% of their household’s gross monthly income.
The Cotton Groves project is backed by Habitat for Humanity of Collin County and aims to offer a way for low-income residents to become homeowners and build equity, CEO Celeste Cox said.
Construction on the streets and utilities for the Cotton Groves is wrapping up, and the prototype at the McKinney ReStore center should be finished in the coming weeks, Cox said. The prototype will be able to host tours and serve as a model home for the community. The neighborhood will also feature a 2,600-square-foot amenity center, which will offer social, health and fitness opportunities as well as a community park.
Construction on the first townhomes at the Cotton Groves is expected to start in October or November, Cox said. Construction on the amenity center will also begin about that time.
The townhomes will feature three- and four-bedroom floor plans, each with a covered carport and a large patio or deck. The designs of the townhomes are affordable and accessible for potential residents, Cox said.
“The need for affordable housing is great in McKinney,” she said in an email. “The average home sale price is $342,000 while our average homeowner (family of four) makes $42,000.”
Families that apply for the Habitat for Humanity program in McKinney are not able to qualify for a traditional mortgage based on their income, Cox said, and for-profit builders in the area are not building homes in the $200,000 and below price range.
The project received an $877,521 grant from the McKinney Community Development Corp. for necessary infrastructure, such as construction of streets, sewers and other utilities. It also received an additional $773,224 grant from the MCDC, the bulk of which was set aside for the playground pad and the amenity center.
Currently the project is in Phase 1, in which the amenity center, playground and the first six townhomes will be built. Funds for the project are still needed with a goal of reaching $6 million. To find out more information about the project and to donate or volunteer, visit www.thecottongroves.com.
Additional reporting by Emily Davis