Subject:
Title
Resolution approving the TEFRA hearing for Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance a multifamily residential rental housing project Skyway Flats.
label
Recommended Action:
Recommended Action
Adopt a resolution allowing the Housing Finance Authority of Pinellas County (HFA) to authorize a public hearing in connection to the financing of a multifamily residential rental housing project through the issuance of its Multifamily Housing Revenue Bonds, in a principal amount not to exceed $21.0M ECG Pinellas, LP, a Florida limited partnership, or one of its affiliates.
• The conduit financing transaction proceeds were loaned to Elmington Affordable, LLC (the borrower/developer) to help finance the acquisition, construction and equipping of a 174 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 known as Skyway Flats, to be located on 38th Avenue South, north east of the intersection of 38th Avenue South and 34th Street South, St. Petersburg, Florida.
• 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% low-income housing tax credits from the Florida Housing Finance Corporation. R4 Capital has issued a letter of intent to provide both construction and permanent financing for the Project in the form of $21.0M of tax-exempt construction-to-perm financing and $19.0M of taxable debt during the construction period. Other key financing sources will include $29,836,011.00 of Low-Income Housing Tax Credit equity provided by Raymond James; $8.3M of State Apartment Incentive Loan program funding from the Florida Housing Finance Corporation; $4,150,000.00 of self-sources financing; and $8,474,070.00 in deferred developer fees. The Applicant also plans to apply for Pennies for Pinellas funding for the land cost associated with the development.
• This item has no fiscal impact on the County. The HFA is a dependent special district of Pinellas County. Conduit financings pledge neither then HFA’s 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).
Body
Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing
Summary:
Summary
Skyway Flats will be a 174-unit multifamily development to be constructed on 3.06 acres of land located at 3600 34th Street South, in St. Petersburg, Florida, Pinellas County. The unit mix at the Project will consist of 28 one(1)-bedroom units, 100 two(2)-bedroom units and 46 three (3)-bedroom units. The finished development will include in-unit amenities such as Energy Star appliances, walk-in closets, washers and dryers, and granite countertops as well as community amenities including a leasing office with community space, a fitness center and on-site maintenance.
Body
Background Information:
N/A
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.
This item has no fiscal impact on Pinellas County. The HFA is a dependent special district of Pinellas County. Conduit financings pledge neither the HFA’s nor the County’s credit, and neither are responsible for payment of the debt except from funds received from the borrower or the developer.
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 No. 2026-01
TEFRA Notice
Certification of Publication
TEFRA Hearing Minutes