Subject:
Title
Affordable Housing Program project funding recommendation for Skyway Flats by ECG Pinellas, LP.
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Recommended Action:
Recommended Action
Recommend approval of affordable housing funding for Skyway Flats by ECG Pinellas, LP.
It is further recommended that the County Administrator be authorized to negotiate and approve terms and conditions, and the final funding amount not to exceed the Board of County Commissioners’ approved amount.
• The funding recommendation for Skyway Flats by ECG Pinellas LP is $6.0M for land acquisition costs.
• The project is a new construction development of 174 multi-family affordable apartment units located at 3600 34th Street South in St. Petersburg that will serve families with incomes less than 80.0% AMI, including 10.0% set aside for youth aging out of foster care.
• The Land Use Restriction Agreement associated with the land acquisition funding will ensure a 99-year affordability period.
• The total development cost is estimated to be $76,815,755.00. Other sources of funding include Raymond James Tax Credit Equity ($29,836,015.00), R4 Capital ($20,046,000.00), ECG Pinellas, LP ($4,150,000.00), FHFC Live Local Act SAIL ($8.3M) and Deferred Developer Fee ($8,483,740.00). The development is not eligible for the annual Multifamily Property Tax Exemption.
• Next steps: County staff will complete additional due diligence activities including, but not limited to, acquiring a third-party appraisal and financial analysis.
• Including this item, the total amount of Penny IV affordable housing funds committed is $91,221,962.28.00 out of the $94,089,763.00 currently estimated in all ten years of Penny IV.
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Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing
Summary:
Summary
ECG Pinellas LP has applied for $6.0M of affordable housing funding assistance for land acquisition costs. Staff is recommending approval of up to $6.0M utilizing Penny IV funding.
The project is a new construction development of 174 multi-family affordable apartment units and will consist of (28) One (1)-bedroom, (100) Two (2)-bedroom and (46) Three (3)-bedroom units that will serve the following households: (18) units serving households below 30.0% AMI, (69) units serving households below 50.0% AMI, and (87) units serving households below 80.0% AMI. The LURA associated with the construction funding will ensure a 99-year affordability period. The project site is located at 3600 34th St. South, St. Petersburg, FL.
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Background Information:
County Housing and Community Development staff have evaluated the project application and found it to be eligible for funding assistance.
The primary funding source for the project is Raymond James Tax Credit Equity in the amount of $29,836,015.00. In addition, $20,046,000.00 from R4 Capital, $4,150,000.00 from ECG Pinellas, LP, $8.3M from FHFC Live Local Act SAIL, and $8,483,740.00 Deferred Developer Fee. The $6.0M Penny IV County funds will be utilized for land acquisition costs.
Fiscal Impact:
Including this item, the total amount of Penny IV affordable housing funds committed is $91,421,962.28.00 out of the $95,764,153.07 currently estimated in all ten years of Penny IV.
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Funding for this project is included in the FY26-FY31 Capital Improvement Program plan under the Penny IV Affordable Housing Program (project 004150A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas), as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for housing specifically.
The Penny IV Affordable Housing Program (project 004150A) has a FY26 Amended Budget of $31,378,000.00. There is sufficient funding to approve this recommendation.
Staff Member Responsible:
Gregg Mims, Director, Housing and Community Development
Bruce Bussey, Community Development Manager, Housing and Community Development (Presenter)
Partners:
ECG Pinellas, LP.
City of St. Petersburg (Local Contribution)
Attachments:
Project Summary Sheet
Project Application and Attachments