Subject:
Title
Florida Housing Finance Corporation 2026 Local Government Verification of Contribution forms for Madison Trails, Mills Creek, Grand Oaks II, Blue Tarpon, and Pinellas Pointe and a Local Revitalization form for Grand Oaks II Affordable Housing Developments.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of five (5) Florida Housing Finance Corporation (FHFC) Local Government Verification of Contribution forms and one (1) Local Revitalization form for the 2026 Housing Tax Credit Financing applications that will provide the minimum government contribution required by Florida Housing Finance Corporation.
• Local government support forms increase the competitiveness of applications for Florida Housing 9% Tax Credit funding and increase the chance of success for a project in Pinellas County to be funded.
• No County funds have been previously committed to these projects. If a project is awarded tax credits, the local government contribution amount of $75,000 will be provided at the time of construction.
• Madison Trails is a proposed new construction project to provide 90 units of affordable family housing located at 1150 S. Pinellas Avenue, in Tarpon Springs. The total development cost is estimated to be $35,383,828.00. The applicant is New South Residential, LLC.
• Mills Creek is a proposed new construction project to provide 78 units of affordable family housing located at 1800 South Pinellas Avenue in Tarpon Springs. The total development cost is estimated to be $25,632,118.00. This project is being developed in partnership with HP Capital Group and the Pinellas County Housing Authority.
• Grand Oaks II is phase four (4) of a planned redevelopment of the public housing complex known as Rainbow Village, located at 12301 134th Avenue in Largo, that will provide 120 units of affordable family housing. The total development cost of the project is estimated to be $ 47,893,783.00. The applicant is a partnership with Newstar Development and the Pinellas County Housing Authority.
• Blue Tarpon is a proposed new construction project to provide 82 units of affordable family housing located at 44098 US Highway 19 North in Tarpon Springs. The total development cost is estimated to be $34,645,988.00. The applicant is Blue Sky Communities.
• Pinellas Pointe is a proposed new construction project to provide 120 units of affordable family housing located at 7440 62nd Terrace North in Pinellas Park. The total development cost is estimated to be $43,402,064.00. The applicant is Southport Development, Inc.
• Funding for this program is included in the FY26 Budget for the Housing and Community Development Department in the Community Development Grant Fund.
Body
Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing.
Summary:
Approval and execution of five (5) FHFC Local Government Verification of Contribution forms and one (1) Local Revitalization form that will provide the minimum $75,000.00 government contribution to enhance their respective applications.
Background/Explanation:
FHFC issued RFA 2026-202 for Affordable Housing Credit Financing. The application process is highly competitive. Applicants may apply for Local Government Funding which demonstrates local government support. Madison Trails, Mills Creek, Grand Oaks II, Blue Tarpon, and Pinellas Pointe each have requested the minimum contribution of $75,000.00 for their respective development. The FHFC application submittal deadline is August 12, 2026.
Grand Oaks II is also requesting approval of the revitalization form as this 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 for the project selected by FHFC. Funding is included in the Fiscal Year 2026 (FY26) Adopted Budget. Funding sources for affordable housing program loans include the following federal, state, and local housing and community development grants: HOME Investment Partnership, Neighborhood Stabilization Program, State Housing Initiatives Partnership, and the Pinellas County Housing Trust Fund.
Delegated Authority:
Authority for the County Administrator to sign the five (5) Local Government Verification of Contribution forms and the one (1) Local Revitalization form is granted under Resolution No. 24-20.
Staff Member Responsible:
Gregg Mims, Director, Housing and Community Development
Bruce Bussey, Community Development Manager
Partners:
Florida Housing Finance Corporation
Attachments:
Local Government Verification of Contribution - Madison Trails
Local Government Verification of Contribution - Mills Creek
Local Government Verification of Contribution - Grand Oaks II
Local Government Verification of Contribution - Blue Tarpon
Local Government Verification of Contribution - Pinellas Pointe
Revitalization Form - Grand Oaks II
Resolution No. 24-20