Subject:
Title
Local government verification of contribution form for the 2025 State Apartment Incentive Loan Financing application for the Grand Oaks affordable housing development project.
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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 is phase three (3) of the four (4) phase 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 $50,594,356.00. The master plan for the first three (3) phases will produce 280 units. The project is being developed by Newstar Development and the Pinellas County Housing Authority.
• The Florida Housing Financing Corporation (FHFC) is scheduled to issue a Request for Applications (RFA) #2025-205 for State Apartment Incentive Loan (SAIL) financing of Affordable Multi-Family Housing in conjunction with 4.0% Bond Financing.
• The SAIL funding is competitive. A local government contribution minimum amount of $75,000.00 is required to maximize scoring.
• The County issued a Notice of Funding Availability for the 2025 Local Contribution Match Application on July 18, 2025.
• Authority for the County Administrator to sign this form is granted under Resolution 24-20.
• Funding for this request for Grand Oaks will not exceed $75,000.00 and is included in the current-year budget of the Housing and Community Development Department.
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Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing
Summary:
Grand Oaks proposed redevelopment will provide 120 units of family housing in phase three (3). The development is located at 220 132nd Avenue N, in Largo, in the Greater Ridgecrest Area. The total development cost of the project is estimated to be $50,594,356.00. This project is being developed in partnership with Newstar Development and the Pinellas County Housing Authority.
Background/Explanation:
The FHFC is scheduled to issue a RFA #2025-205 for SAIL financing of Affordable Multi-Family 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 development is located in the Greater Ridgecrest Area and is within the boundaries of the revitalization plan approved by the Board of County Commissioners (Board) 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. 24-20.
Staff Member Responsible:
Gregg Mims, Director, Housing and Community Development
Partners:
Newstar Development
Pinellas County Housing Authority
Attachments:
FHFC Local Government Verification of Contribution Form
Location Map for Grand Oaks
Resolution No. 24-20