Subject:
Title
Affordable Housing Funding Agreements with BWF III GRP Oasis Bayside LLC for Oasis at Bayside Apartments.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Affordable Housing Funding Agreements with BWF III GRP Oasis Bayside LLC for Oasis at Bayside Apartments.
• Oasis at Bayside Apartments is an affordable workforce housing preservation project consisting of land acquisition and unit rehabilitation of 304 existing multi-family affordable apartment units. Land acquisition by the Housing Finance Authority as Trustee will have the following restrictions in place in perpetuity: three (3) units set-aside for 50.0% AMI or below, eight (8) units for 65.0% AMI or below, (247) units for 80.0% AMI or below, and (46) units unrestricted.
• The project was approved by the Board of County Commissioners (Board) on November 19, 2024 (Granicus Item #24-1922A), for up to $12.16M of Penny IV funding for the acquisition and rehabilitation of the affordable housing project.
• The funding for the rehabilitation of Oasis at Bayside Apartments is $1.16M for construction cost reimbursement. The Housing Finance Authority (HFA) Land Use Restriction Agreement (LURA) associated with the project will enforce a 99-year affordability period.
• The total development cost is estimated to be $59,263,665.00. Other sources of funding include Sponsor and Limited Partner Equity ($11,997,415.00) and Permanent Debt Financing ($35,106,250.00).
• The project is located at 305 Glades Circle in Largo, FL.
• Including this item, the total amount of Penny IV affordable housing funds committed is $80,446,901.00 out of the $98,000,000.00 currently estimated in all ten years of Penny IV.
• Funding for this project is included in the FY25-FY30 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.
Body
Strategic Plan:
Ensure Public Health, Safety, and Welfare
2.4 Support programs that seek to prevent and remedy the causes of homelessness and move individuals and families from homelessness to permanent housing.
Foster Continual Economic Growth and Vitality
4.2 Invest in communities that need the most.
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach.
5.2 Be responsible stewards of the public’s resources.
Summary:
Oasis at Bayside was built in 1974 and consists of (304) one (1), two (2) and three (3)-bedroom units. The developers are applying for funding as a preservation project to help maintain naturally occurring affordable housing inventory on 16.06 acres in Largo. The buildings were originally constructed as two (2)-story concrete block structures and plan to receive both interior and exterior renovations. Units will serve households as follows: three (3) units below 50.0% AMI, eight (8) units below 65.0% AMI, (247) units below 80.0% AMI and (46) units unrestricted Market Rate. The project site is located at 305 Glades Circle, Largo, FL 33771.
Background/Explanation:
The County will use Penny IV Program funds to provide $1.16M in support for the rehabilitation through construction cost reimbursement. The HFA LURA associated with this project will impose a 99-year affordability period.
Fiscal Impact:
Including this item, the total amount of Penny IV affordable housing funds committed is $80,446,901.00 out of the $98,000,000.00 currently estimated in all ten years of Penny IV.
Funding for this project is included in the FY25-FY30 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.
Delegated Authority:
Authority for the County Administrator to sign the Agency Agreement is granted by Board action on November 19, 2024, agenda item # 24-1922A.
Staff Member Responsible:
Glenn Bailey, Interim Director, Housing and Community Development
Partners:
BWF III GRP Oasis Bayside LLC
Housing Finance Authority of Pinellas County
Attachments:
Agency Agreement
Leasehold Mortgage and Promissory Note
Reference Granicus Item #24-1922A - Staff Report