Subject:
Title
Affordable Housing Funding Agreements for Pinellas Affordable Living, Inc. for construction costs at Lealman Landings.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of funding documents for Pinellas Affordable Living, Inc. for construction costs at Lealman Landings.
• The funding recommendation for Lealman Landings is $150,000.00 utilizing State Housing Initiatives Partnership (SHIP) funds for renovations.
• The project, located at 3901 46th Avenue North, St. Petersburg, Florida 33714, will be a 17-unit new construction, multifamily residential property that serves individuals with special needs and incomes less than 50.0% of the Area Median Income (AMI).
• Execution of a Land Use Restriction Agreement (LURA) is required and will impose a 30-year affordability period.
• The total project cost is estimated to be $6,407,411.00.
• Funding will be in the form of no interest, no payment, or forgivable loan.
• Authority for the County Administrator to sign these Agreements is granted under Resolution No. 24-20 and section 2-62 of the County Code.
• Funding for this request is included in the Fiscal Year 2026 (FY26) Adopted Budget of the Housing and Community Development (HCD) Department in the SHIP Fund.
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Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing.
Summary:
Pinellas Affordable Living, Inc. applied for $150,000.00 in affordable housing funding for Lealman Landings. The project costs are for new construction within a multifamily residential property for individuals with special needs. The property is located at 3901 46th Avenue North, St. Petersburg, Florida 33714.
SHIP funds will be used to fund the project. The project meets SHIP eligibility requirements and will serve a SHIP target population. Funding will be provided as a no interest, no payment, forgivable loan, provided Pinellas Affordable Living, Inc. remains in compliance with the restrictions for the term of the affordability period.
Execution of the Land Use Restriction Agreement will restrict two (2) unit for persons with incomes less than 50.0% AMI for the duration of the 30-year affordability period.
Background/Explanation:
The SHIP Program provides funds to local governments as an incentive to create partnerships that produce and preserve affordable homeownership and multifamily housing. The program is designed to serve very low-, low- and moderate-income families.
Fiscal Impact:
Total maximum loan amount is $150,000.00, which includes estimated recording fees for the loan documents. Funding for this request is included in the current-year budget of the HCD Department in the SHIP Fund. Funding will be in the form of a forgivable loan.
Delegated Authority:
Authority for the County Administrator to sign these Agreements is granted under Resolution No. 24-20 and section 2-62 of the County Code.
Staff Member Responsible:
Gregg Mims, Director, Housing and Community Development
Bruce Bussey, Community Development Manager, Housing and Community Development
Partners:
Florida Housing Finance Corporation
Pinellas Affordable Living, Inc.
Bessie Boley Foundation
Attachments:
Agency Agreement
Land Use Restriction Agreement
Leasehold Mortgage and Note
Resolution No. 24-20