Subject:
Title
Local government verification of contribution form for the 2024 State Apartment Incentive Loan Financing application for the Grand Oaks affordable housing development.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the local government verification of contribution form for the Grand Oaks affordable housing development project.
• Grand Oaks Apartments is phase three (3) of a planned redevelopment of the public housing complex known as Rainbow Village located in the Greater Ridgecrest Area. Grand Oaks will provide 120 units of affordable family housing.
• The total development cost of the project is estimated to be $47,905,862.00. This project is being developed in partnership by Newstar Development and the Pinellas County Housing Authority.
• The Florida Housing Financing Corporation (FHFC) issued a Request for Applications #2024-205 for State Apartment Incentive Loan (SAIL) financing of Affordable Multi-Family Housing in conjunction with 4.0% Bond Financing on August 20, 2024.
• The SAIL funding is competitive. A local government contribution minimum amount is $75,000.00 is required to maximize scoring.
• Funding for this request is included in the current-year budget of the Housing and Community Development Department in the SHIP fund.
Body
Strategic Plan:
Ensure Public Health, Safety, and Welfare
2.4 Support programs that seek to prevent and remedy the causes of homelessness and move individuals and families from homelessness to permanent housing
Foster Continual Economic Growth and Vitality
4.2 Invest in communities that need the most
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.2 Be responsible stewards of the public’s resources.
Summary:
Grand Oaks Apartments: The proposed redevelopment will provide 120 units of family housing at Rainbow Village. The development is located at Washington Avenue and 130th Avenue in Largo, in the Greater Ridgecrest Area. The total development cost of the project is estimated to be $47,905,862.00. This project is being developed in partnership with Newstar and the Pinellas County Housing Authority.
Background/Explanation:
The Florida Housing Finance Corporation (FHFC) issued RFA 2024-205 for SAIL financing of Affordable Multi-Family Affordable Housing. The application process is competitive. The applicants may apply for Local Government Funding which demonstrates a local government support for the project. Grand Oaks has requested the minimum contribution amount of $75,000.00. The FHFC application submittal deadline is September 12, 2024.
The development is located in the Greater Ridgecrest Area and is within the boundaries of the revitalization plan approved by the BCC on July 20, 1999. The plan identified preservation and development of housing as a primary objective of the plan.
Fiscal Impact:
Funding for the local match will not exceed $75,000.00.Funding for this request is included in the current-year budget of the Housing and Community Development Department in the SHIP fund. Local match funding provided by the County will be in the form of a deferred, no interest, no payment, forgivable loan.
Delegated Authority:
Authority for the County Administrator to sign this form is granted under Resolution No. 21-22.
Staff Member Responsible:
Glenn Bailey, Interim Director, Housing and Community Development
Partners:
Newstar Development
Pinellas County Housing Authority
Attachments:
Local Government Verification of Contribution - Loan Form Grand Oaks
Project Location Map
Resolution No. 21-22