Subject:
Title
Resolution approving the issuance of Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance a multifamily residential rental housing project Skyway Lofts II.
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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 $12.5M for the benefit of Blue Pinellas 2, LLC, a Florida Limited Liability Company, or its affiliate, duly organized and existing under the laws of the State of Florida.
• This conduit financing transaction proceeds will be loaned to Blue Pinellas 2, LLC (the borrower/developer) to help finance the acquisition, construction and equipping of a 66-unit multifamily rental housing facility for persons or families earning 60.0% or less of Area Median Income to be known as Skyway Lofts II.
• This project is located within the City of St. Petersburg, Pinellas County, at 3800 34th Street South, St. Petersburg, Florida 33711.
• The land for the development will be acquired using Penny for Pinellas Land Acquisition funds. The land will be placed into a land trust administered by the HFA as Trustee on behalf of the County as Beneficial Owner.
• The developer will be solely responsible for payment of the bond debt.
• 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).
• This item has no fiscal impact on Pinellas County.
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Strategic Plan:
Ensure Public Health, Safety and Welfare
2.2 Be a facilitator, convener, and purchaser of services for those in need
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
Summary:
Summary
The transaction will help finance the acquisition, construction and equipping of a 66-unit multifamily rental housing facility for persons or families of moderate, middle, or lesser income within the City of St. Petersburg, Pinellas County, to be located at 3800 34th Street South, St. Petersburg, Florida 33711.
The land for the development will be acquired using Penny for Pinellas Land Acquisition funds. The land will be placed into a land trust administered by the HFA as Trustee on behalf of the County as Beneficial Owner.
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Background Information:
The HFA will issue $12.5M of tax-exempt bonds. The 4.0% low-income housing tax credits will be issued by Florida Housing Finance Corporation. The County has committed $3.4M of Penny for Pinellas funds and the City of St. Petersburg has also committed $6.5M to the transaction.
Fiscal Impact:
No County General Funds are required. All lendable funds are generated from the sale of tax-exempt housing bonds and the sale of 4.0% low-income housing tax credits from the Florida Housing Finance Corporation.
Staff Member Responsible:
Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County
Partners:
Housing Finance Authority of Pinellas County
Attachments:
Resolution
HFA Resolution 2023-09
TEFRA Notice
Certification of Publication
TEFRA Hearing Minutes