Subject:
Title
Subordination Agreement for the Pinellas County Affordable Housing Loan to Lealman Landings, formerly known as The Point.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of a Subordination Agreement for Pinellas Affordable Living, Inc. for the Pinellas County Affordable Housing Loan for Lealman Landings.
• Lealman Landings was awarded $150,000.00 in funding from the County to partially fund construction costs. A land use restriction agreement, agency agreement, and a leasehold mortgage and promissory note were approved and executed by the County Administrator, Granicus file #26-0309D.
• 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).
• The total project cost is estimated to be $6,407,411.00. Other sources of funding include Florida Housing Finance Corporation, Housing Finance Authority and Pinellas Affordable Living, Inc.
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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 were approved previously for the project. The project meets SHIP eligibility requirements and will serve a SHIP target population. Funding was provided as no interest, no payment, forgivable loan, provided Pinellas Affordable Living, Inc. remained in compliance with the restrictions for the term of the 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:
This agreement, by itself, has no fiscal impact on the County.
Delegated Authority:
Authority for the County Administrator to sign the Subordination Agreement is granted by Resolution 24-20.
Staff Member Responsible:
Gregg Mims, Director, Housing and Community Development
Bruce Bussey, Community Development Manager
Partners:
Florida Housing Finance Corporation
Pinellas Affordable Living, Inc.
Bessie Boley Foundation
Attachments:
Subordination Agreement
Granicus Reference Item #26-0309D - Staff Report