Subject:
Title
Florida Housing Finance Corporation 2026 Local Government Verification of Contribution form for 49th Street Residences.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Florida Housing Finance Corporation (FHFC) Local Government Verification of Contribution form for the 2026 State Apartment Incentive Loan (SAIL) funding Housing Tax Credit Financing application for 49th Street Residences. that will provide the minimum government contribution required by FHFC.
• 49th Street Residences is a proposed new construction project to provide 193 units of affordable family rental housing located at 9025 49th Street North, in Pinellas Park. The total development cost is estimated to be $55,059,082.00. This project is being developed by 49th Street Residences Ltd. It will consist of (130) one (1)-bedroom units and (63) two (2)-bedroom units, serving incomes between 30.0% - 80.0% of the Area Median Income.
• The SAIL funding Housing Tax Credit Financing application process is competitive and typically only one (1) project for each large county is awarded.
• A County funding commitment in the amount of $75,000 will meet the minimum local government contribution requirement for FHFC application scoring.
• Funding is included in FY26 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. Final funding source for the contribution will be determined should project by selected for funding by the State for State Apartment Incentive Loan (SAIL) funding Housing Tax Credit Financing.Body
Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing.
Summary:
Approval and execution of the FHFC Local Government Verification of Contribution form will provide a minimum $75,000.00 government contribution to enhance the FHCF application.
Background/Explanation:
FHFC issued RFA 2026-205 for Affordable Housing Credit Financing. The application process is competitive. Applicants may apply for Local Government Funding which demonstrates local government support. 49th Street Residences has requested the minimum contribution of $75,000.00 for their development. The FHFC application submittal deadline is September 22, 2026.
Fiscal Impact:
Funding for the local match will not exceed $75,000.00. Funding is included in FY26 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. Final funding source for the contribution will be determined should project by selected for funding by the State for State Apartment Incentive Loan (SAIL) funding Housing Tax Credit Financing.
Delegated Authority:
Authority for the County Administrator to sign the Local Government Verification of Contribution 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 - 49th Street Residences
Resolution No. 24-20