Subject:
Title
Resolution approving the issuance of Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance an affordable multifamily residential rental housing project Olea on 126 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 $30.0M for the benefit of Largo 126 Apartments, Ltd., a Florida limited partnership, or its affiliate, duly organized and existing under the laws of the State of Florida.
• The conduit financing transaction proceeds will be loaned to Largo 126 Apartments, Ltd. (the borrower/developer) to help finance the acquisition, construction, and equipping of a 144-unit multifamily rental housing facility located at 6727 126th Avenue North, Largo, Florida.
• This mixed-income project will utilize income-averaging to achieve a 60.0% weighted average affordability, with rents restricted at 40.0%, 60.0%, and 80.0% AMI levels for an affordability period of 50 years, enforced by a Land Use Restriction Agreement.
• All lendable funds are generated from the sale of tax-exempt housing bonds through the HFA and the sale of 4.0% low-income housing tax credits (LIHTC) from the Florida Housing Finance Corporation. The other sources of funding for the project include an equity bridge loan and LIHTC equity from Regions Bank, soft funds from the County’s Penny for Pinellas Program and deferred developer fee.
• This item has no fiscal impact on the County. 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).
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Strategic Priorities:
Prosperity and Opportunity
- Increase the availability of attainable housing
Summary:
Summary
The transaction will help finance the acquisition and construction of a 144-unit multifamily development to be located at 6727 126th Avenue North, Largo, Florida.
The unit mix at the proposed project will consist of 96 two(2)-bedroom/two (2)-bathroom units (1,164 sq. ft.), 24 three (3)-bedroom/two (2)-bathroom units (1,304 sq. ft.), and 24 four (4)-bedroom/two (2)-bathroom units (1,417 sq. ft.). The finished development will include: One (1) in-unit amenities such as air conditioning, washer/dryer hook-ups, walk-in closets, kitchen islands, dishwashers, and balconies as well as two (2) community amenities including a dog park, pool, mailroom, leasing office, gates and controlled access, and approximately 240 parking spaces at no additional charge to residents. This mixed-income project will utilize income-averaging to achieve a 60.0% weighted average affordability, with rents restricted at 40.0%, 60.0%, and 80.0% AMI levels for an affordability period of 50 years, enforced by a Land Use Restriction Agreement.
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Background Information:
The project will be financed with a combination of HFA bonds, LIHTC equity, an equity bridge loan, Penny for Pinellas funds and deferred developer fee. The Authority will issue $30.0M of tax-exempt bonds. Regions Bank has issued a letter of intent to provide both construction and permanent financing for the Project in the form of $17.7M of construction-to-perm financing and a $17,359,238.00 equity bridge loan. Other key financing sources will include $24,333,413.00 of LIHTC equity, also provided by Regions Bank; $7.92M of soft funds from the County’s Penny for Pinellas program; and $4,795,463.00 of deferred developer fee.
Fiscal Impact:
No County General Funds are required.
All lendable funds are generated from the sale of tax-exempt housing bonds through the HFA and the sale of 4.0% LIHTC from the Florida Housing Finance Corporation. The other sources of funding for the project include an equity bridge loan and LIHTC equity from Regions Bank, soft funds from the County’s Penny for Pinellas Program and deferred developer fee.
Staff Member Responsible:
Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County
Partners:
Housing Finance Authority of Pinellas County
Attachments:
Proposed BCC Resolution
HFA Resolution 2025-05
TEFRA Notice
Certification of Publication
TEFRA Hearing Minutes