Subject:
Title
Affordable Housing Funding Agreements with SPGRP IV, LLC for Bayou Court Apartments.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of an Agency Agreement and Land Use Restriction with SPGRP IV, LLC for an affordable workforce housing project known as Bayou Court Apartments.
• Bayou Court Apartments is a new construction project consisting of 60 multi- family apartment units. Rent and income limits will restrict (12) units for households earning 50.0% of Area Median Income (AMI) or below, nine (9) units for 80.0% AMI or below, and (39) units for 120.0% AMI or below.
• The project was approved by the Board of County Commissioners (Board) on January 16, 2024 (Granicus Item #23-1888A), for $2.8M of Penny IV funding to construct the affordable housing project.
• The funding for Bayou Court Apartments is $2.8M for construction cost reimbursement. The Land Use Restriction Agreement (LURA) associated with Penny construction funding will enforce a 30-year affordability period for all (60) assisted units.
• The total development cost is estimated to be $17,077,560.00. Other sources of funding include Sponsor and Limited Partner Equity ($2,936,837.00), Permanent Debt Financing ($8,600,723.00), and City of St Petersburg ($2.74M).
• The project is located at 4201 6th Street South in St. Petersburg, FL.
• Funding is available in FY24. Funding budgeted in the Penny IV Countywide Investments Affordable Housing Program (project 004150A).
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:
Bayou Court Apartments is a new 60-unit workforce housing development project, with all of the units affordable to households earning at or below 120.0% AMI, of which, (12) units are set-aside for 50.0% AMI or below, nine (9) units are for 80.0% AMI or below, and (39) units are for 120.0% AMI or below. The development will be located at 4201 6th Street S, St. Petersburg, FL 33705.
Background/Explanation:
The County will use Penny IV Program funds to provide $2.8M in support for construction cost reimbursement. A LURA associated with the Penny construction funding will impose a 30-year affordability restriction on all (60) units.
Fiscal Impact:
The funding for this project was approved by Granicus Items #23-1888A. The project’s total funding amount is not to exceed $2.8M, and funding is to support the construction of affordable housing.
Funding is available for this agreement as the amount has not changed/increased. Funding is available in the FY24 Adopted Budget out of the Penny for Pinellas Fund under the Penny IV Affordable Housing Program (project 004150A.)
Delegated Authority:
Authority for the County Administrator to sign the Agency Agreement and Land Use Restriction is granted by Board action on January 16, 2024, agenda item # 23-1888A.
Staff Member Responsible:
Carol Stricklin, Director, Housing and Community Development
Partners:
City of St. Petersburg
Attachments:
Agency Agreement
Land Use Restriction Agreement Mortgage and Promissory Note
Valley Bank Subordination Agreement
Reference Granicus Item # 23-1888A - Staff Report