Subject:
Title
Land Trust Agreement with the Housing Finance Authority of Pinellas County for the affordable housing development of Flats on 4th Apartments by Archway Partners.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of a Land Trust Agreement with the Housing Finance Authority of Pinellas County for Flats on 4th Apartments by Archway Partners for the development of affordable rental housing.
• Flats on 4th Apartments is a new construction development that consists of 80 multi-family affordable apartment units serving households earning at or below 60.0% of Area Median Income (AMI); (72) of the units will be restricted to 60.0% of AMI, and eight (8) of the units further restricted to 50.0% AMI.
• The development is located on 106th Ave North in St Petersburg and will consists of one (1) and two (2)-bedroom units that will remain affordable for 99 years.
• The development was approved by the Board of County Commissioners on August 13, 2024, for Penny funding that included $2.9M for land acquisition, subject to due diligence and final approval by the County Administrator.
• The total funding request for this project is $2.9M. 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.
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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:
Flats on 4th Apartments will provide 80 units of affordable housing that will be affordable for 99 years to households under 60.0% AMI; of which, (72) units are set-aside for 60.0% AMI or below and eight (8) units are for 50.0% AMI or below. The primary source of project funding is Tax Exempt Bond financing from the Housing Finance Authority. Funding is also being provided by the City of St. Petersburg.
Background/Explanation:
This action was conditionally approved by the Board on August 13, 2024, Granicus item #24-0919A.
Fiscal Impact:
The total funding request for this project is $2.9M. 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 Land Trust Agreement is granted by Board action on August 13, 2024, agenda item #24-0919A.
Staff Member Responsible:
Glenn Bailey, Interim Director, Housing and Community Development
Partners:
Housing Finance Authority of Pinellas County
City of St. Petersburg
Attachments:
Flats on 4th Apartments Land Trust Agreement
Flats on 4th Apartments Direction Letter, December 2, 2024
Reference Granicus Item 24-0919A- Staff Report - August 13, 2024