Subject:
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Acquisition of a 1.62 acre site utilizing Land Assembly Funds for the development of a 28 unit affordable housing development known as Greenway Lofts.
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Recommended Action:
Recommended Action
Approval by the County Administrator of the acquisition of real property with affordable housing Land Assembly Funds and execution of a Land Trust Agreement with the Housing Finance Authority for Greenway Lofts.
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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:
Contemporary Housing Alternatives of Florida, Inc. (CHAF) submitted an application for land assembly funds for the acquisition of a 1.62 acre site located at 4500 43rd Street North in the Lealman Community Redevelopment Area (CRA). Structures on the site are currently leased by the Broach Charter School. CHAF has executed a purchase agreement for the pending property acquisition in the amount of $540,000.00. The contract amount is based on a real estate appraisal prepared by Integra Realty Resources.
(CHAF) is a non-profit affordable housing developer and plans to redevelop the site and construct a 28 unit mixed income rental housing community to be known as Greenway Lofts. The project was previously to be known as Joe’s Creek Apartments. The planned development includes 12 affordable units that will be will be rented to households with incomes at or below 60% of the Area Median Income and the remaining 16 units as market rate units.
Land Assembly Funds will be used to acquire the property and demolish the existing structures. The amount of Land Assembly Funds is estimated not to exceed $660,000.00.
The pending acquisition meets the requirements of the Land Assembly Program and the Penny for Pinellas Local Government Infrastructure Surtax funding source as approved by the Country Administrator in accordance with Section 1.C. 8. of the Interlocal agreement.
Background/Explanation:
Through the County’s CIP budget, $15 million of Penny for Pinellas revenue has been dedicated to a Land Assembly Fund for the purpose of acquiring property to provide for affordable housing. These funds are administered by the HFA in accordance with an executed interlocal agreement approved by BCC Resolution 15-41. This acquisition meets the goals of the program that includes:
1) Support new multi-family affordable housing projects by financing the land costs associated with such developments.
2) Acquire vacant and/or abandoned residential properties within designated Target Areas and return them to viable, functional rental units.
3) Strategically acquire other “desirable” properties as they are identified and become available.
Fiscal Impact:
The total land acquisition and demolition cost is estimated not to exceed $660,000.00 based on the appraised value, associated closing costs, and demolition estimates. Funding for this agreement is included in the County’s FY17/18 Capital Improvement Program budget.
Delegated Authority:
Authority for the County Administrator to sign the land trust agreement is granted by Resolution No. 15-41 establishing the Affordable Housing Land Assembly Fund and amending the Interlocal Agreement with the HFA for administration of the community housing program.
Staff Member Responsible:
Renea Vincent, Director, Planning
Partners:
Housing Finance Authority of Pinellas County
Contemporary Housing Alternatives of Florida, Inc.
U.S. Department of Housing and Urban Development
Attachments:
Land Trust Agreement - Greenway Lofts
Interlocal Agreement between Pinellas County and the HFA
Authorization to Expend Land Assembly Funds letter dated January 22, 2018
Location Map
Resolution 15-41