Subject:
Title
Local government verification of contribution form for 2025 Housing Credit Financing Applications for the Grand Oaks affordable housing development project.
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Recommended Action:
Recommended Action
Approval of the local government verification of contribution form for the Grand Oaks affordable housing development project.
• Grand Oaks is phase three of the four phase planned redevelopment of the public housing complex known as Rainbow Village located in the Greater Ridgecrest Area. Grand Oaks will provide 120 units of affordable family housing. The total development cost of the project is estimated to be $50,594,356.00. The master plan for the first three phases will produce 280 units. The project is being developed by Newstar Development and the Pinellas County Housing Authority.
• The Florida Housing Financing Corporation (FHFC) is scheduled to issue a Request for Applications- RFA #2025-202 for Affordable Housing Credit Financing.
• The 9.0% Low Income Housing Tax Credit application process is competitive. Applicants that have the Local Government Area of Opportunity (LGAO) designation receive additional points. The minimum amount for LGAO is $610,000.00.
• The County issued a Notice of Funding Availability for the 2025 Local Contribution Match Application on July 18, 2025.
• The County received two applications requesting local funding assistance in support of low-income housing credit applications to FHFC for the LGAO Funding in the amount of $610,000.00.
• The applications were evaluated based on published criteria. Grand Oaks Apartments, LLLP’s application scored higher and was deemed eligible for support. In accordance with FHFC application rules, only one project may be funded by a local government at this level.
• Funding for the local match will not exceed $610,000.00 for Grand Oaks and is included in the Fiscal Year 2025 Adopted Budget.
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Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing
Summary:
Summary
Two (2) applications were received by the County requesting local funding assistance in support of low-income housing credits applications to FHFC for the LGAO Funding in the amount of $610,000.00. In accordance with FHFC application rules, only one (1) project may be funded at this level. Both applications were evaluated based on established scoring criteria. Grand Oaks application review and scoring received 77 out of a possible 92 points. The application scoring criteria is included as an attachment.
Grand Oaks proposed redevelopment will provide 120 units of family housing in phase three (3). The development is located at 220 132nd Ave N. in Largo, in the Greater Ridgecrest Area. The total development cost of the project is estimated to be $50,594,356.00. This project is being developed in partnership with Newstar and the Pinellas County Housing Authority. The recommendation is for full funding of $610,000.00.
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Background Information:
The FHFC is scheduled to issue a Request for Applications (RFA) 2025-202 for Affordable Housing Credit Financing. The application process is highly competitive. The applicants may apply for LGAO Funding which demonstrates a high level of local government support for the project. A local jurisdiction may only contribute funds to one (1) proposed development applying for the LGAO funds. The RFA and related information, once issued, may be found on-line at: https:// www.floridahousing.org/programs/developers-multifamily-programs/competitive/2025/2025-202.
The County issued a Notice of Funding Availability for the 2025 Local Contribution Match Application on July 18, 2025. The Notice included the local scoring criteria to be used in the ranking of applications for the LGAO Funding. The FHFC awards additional points to projects that receive LGAO funding.
Fiscal Impact:
Funding for the local match will not exceed $610,000.00 for Grand Oaks and is included in the Fiscal Year 2025 (FY25) 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. Local match funding provided by the County will be in the form of a deferred, no interest, no payment, forgivable loan.
Staff Member Responsible:
Gregg Mims, Director, Housing and Community Development Department
Partners:
Newstar Development
Pinellas County Housing Authority
Attachments:
FHFC Local Government Verification of Contribution Form
Pinellas County Notice of Funding Availability Application Scoring Sheet
Location Map for Grand Oaks