Subject:
Title
Resolution approving the issuance of Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance a multifamily residential rental housing project Citrus Grove Apartments.
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Recommended Action:
Recommended Action
Adopt a resolution allowing the Housing Finance Authority (HFA) to issue Multifamily Housing Revenue Bonds in a principal amount not to exceed $22.0M for the benefit of Citrus Grove Presentation, Ltd., a Florida limited partnership, or its affiliate, duly organized and existing under the laws of the State of Florida.
• This conduit financing transaction proceeds will be loaned to Citrus Grove Preservation, Ltd. (the borrower/developer) to help finance the acquisition, rehabilitation and equipping of an 84-unit multifamily rental housing facility for persons or families earning 60.0% or less of the Area Median Income to be known as the Citrus Grove Apartments.
• This project is located at 731 15th Street South within the City of St. Petersburg, Florida 33705. The existing development is comprised of 7 3-story buildings with 84 units containing a mix of 1, 2, 3, and 4 bedrooms, as well as 1 single-story community building including the leasing office, laundry facility and community room/library.
• The project will be financed with a combination of HFA bonds, Low Income Housing Tax Credit equity, cash flow from operations, and equity bridge loan, solar energy tax credit equity, and a deferred developer fee. The HFA will issue $22.0M of tax-exempt bonds. The underlying loan for the bonds will be issued by Regions Bank, and the equity bridge loan will be issued by Fifth Third Bank. The 4.0% low-income housing tax credits will be issued by the Florida Housing Finance Corporation and will be purchased by Regions Bank.
• The HFA is a dependent special district of the County. Conduit financings pledge neither the district 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).
• This item has no fiscal impact on the County.
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Strategic Plan:
Ensure Public Health, Safety and Welfare
2.2 Be a facilitator, convener, and purchaser of services for those in need
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
Summary:
Summary
The transaction will help finance the acquisition, rehabilitation and equipping of an 84-unit multifamily rental housing facility for persons or families earning 60.0% or less of the AMI to be known as the Citrus Grove Apartments.
This project is located at 731-15th Street South within the City of St. Petersburg, Florida 33705. The existing development is comprised of seven (7) three (3)-story buildings with 84 units containing a mix of one (1)-, two (2)-, three (3)- and four (4)-bedrooms, as well as one (1) single-story community building including the leasing office, laundry facility and community room/library.
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Background Information:
The project will be financed with a combination of HFA bonds, LIHTC equity, cash flow from operations, and equity bridge loan, solar energy tax credit equity and a deferred developer fee. The HFA will issue $22.0M of tax-exempt bonds. The underlying loan for the bonds will be issued by Regions Bank and the equity bridge loan will be issued by Fifth Third Bank. The 4.0% low-income housing tax credits will be issued by the Florida Housing Finance Corporation and will be purchased by Regions Bank.
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.
Staff Member Responsible:
Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County
Partners:
Housing Finance Authority of Pinellas County
Attachments:
Resolution
HFA Resolution 2024-06
Certification of Publication
TEFRA Hearing Minutes