Subject:
Title
Resolution certifying the Tax Equity and Fiscal Responsibility Act process and approving the issuance of Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance a multifamily residential rental housing project JR Tower.
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Recommended Action:
Recommended Action
Adopt a resolution certifying the Tax Equity and Fiscal Responsibility Act process in connection to the financing of a multifamily residential rental housing project and approving the issuance by the Housing Finance Authority of Pinellas County (HFA) of its Multifamily Housing Revenue Bonds, in a principal amount not to exceed $20,500,000 for the benefit of Blue Central Ave, LLC, a Florida limited liability company, or its affiliate, duly organized and existing under the laws of the State of Florida.
• The conduit financing transaction proceeds will be loaned to Blue Central Ave, LLC, LP (the borrower/developer) to help finance the acquisition, construction and equipping of a 150-unit multifamily rental housing facility for persons or families of moderate, middle or lesser income within the City of St. Petersburg, Pinellas County, known as JR Tower, located at 1850 Central Avenue, St. Petersburg, Florida.
• No County General Funds are required. All lendable funds are generated from the sale of tax-exempt housing bonds through the HFA and the sale of 4.0% low-income housing tax credits from the Florida Housing Finance Corporation (FHFC). The other sources of funding for the project include$10.0M of taxable bonds. The bonds will support a draw-down construction loan of $30.5M and subsequent permanent loan of $12,130,000.00 from JPMorgan Chase Bank. Other key financing sources are anticipated to include approximately $28,250,520.00 of 4.0% LIHTC equity provided by Raymond James Affordable Housing Investments; $8.0M in FHFC State Apartment Incentive Loan financing; $1.0M in FHFC Extremely Low-Income financing; $1,420,500.00 in FHFC HOME-American Rescue Plan financing; and $15.0M of City of St. Petersburg Community Development Block Grant-Disaster Relief funds.
• This item has no fiscal impact on the County. The HFA is a dependent special district of Pinellas County. Conduit financings pledge neither the HFA’s nor the County’s credit, and neither are responsible for payment of the debt except from funds received from the borrower (in this case the developer).
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Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing.
Summary:
Summary
JR Tower (the Project) is a new construction 150-unit affordable housing community located at 1850 Central Avenue, St. Petersburg, Pinellas County. The unit mix at the Project will consist of 97 one (1)-bedroom units (680 sq. ft.) and 53 two (2)-bedroom units (912 sq. ft.). The Project will be constructed as a concrete 12-story high-rise and will include extensive resident amenities and resident service programming. The finished development will include community amenities such as a resident club room, library, bicycle parking and storage, activity and wellness space, property management offices, maintenance facilities, and parking garage facilities. The Project will be 100% affordable with all units restricted at 22.0%, 30.0%, 60.0%, and 80.0% AMI levels for an affordability period of 50 years, enforced by a Land Use Restriction Agreement.
The HFA conducted a public hearing on September 10, 2026, notice of which was published on August 31, 2026, on the Authority’s website. The public hearing disclosed no reason why the Bonds should not be issued.
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Background Information:
N/A
Fiscal Impact:
No County General Funds are required. All lendable funds are generated from the sale of tax-exempt housing bonds and the sale of 4.0% low-income housing tax credits from the Florida Housing Finance Corporation.
This item has no fiscal impact on the County. The HFA is a dependent special district of Pinellas County. Conduit financings pledge neither the HFA’s nor the County’s credit, and neither are responsible for payment of the debt except from funds received from the borrower (in this case the developer).
Staff Member Responsible:
Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County
Partners:
Housing Finance Authority of Pinellas County
Attachments:
Proposed BCC Resolution
HFA Resolution No. 2026-14
TEFRA Notice
Certification of Publication
TEFRA Hearing Minutes