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 Riverside 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 $44,158,595.00 for the benefit of OK Riverside LLC, a Florida limited Liability Company, or its affiliate, duly organized and existing under the laws of the State of Florida.
• The conduit financing transaction proceeds will be loaned to OK Riverside, LLC, (the borrower/developer) to help finance the acquisition, construction and equipping of a 304-unit multifamily rental housing facility for persons or families of moderate, middle, or lesser income to be known as Riverside Apartments (Project). The Project is located at 1589 Starlight Cove, Tarpon Springs, Florida.
• No County General Funds are required.
• 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).Body
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Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing
Summary:
Summary
The transaction proceeds will help finance the acquisition and rehabilitation of a 304-unit multifamily development located at 1589 Starlight Cove, Tarpon Springs, Florida. The Development was originally constructed in 2001. The site is approximately 25.64 acres total. There are a total of 22 buildings, 19 of which are residential and three (3) house site maintenance storage, leasing office, which has a childcare center, fitness center and business center for resident use. Additionally, the property has a pool and a total of 600 parking spaces.
The unit mix consists of (80) one (1)-bedroom/one (1)-bath, (128) two (2)-bedroom/two (2)-bath, (72) three (3)-bedroom, two (2)-bath and (24) four (4)-bedroom, three (3)-bath units. The development will have 85.0% of the unit’s set-aside for households at or below 60.0% Area Median Income (AMI) and 15.0% of the units will be market rate. This is the current breakdown as well. The estimated rehab costs will be $45,623.00 per unit and the plan is for “in-place” rehabilitation.
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Background Information:
The Authority will issue $44,158,595.00 of tax-exempt bonds. The underlying loan for the bonds will be back by a HUD 223f loan to be processed by Berkadia. The 4.0% low-income housing tax credits will be issued by Florida Housing Finance Corporation and will be purchased by Raymond James Tax Credit Funds.
This transaction was previously approved by the Board of County Commissioners (Board) through Resolution No. 23-5 on January 17, 2023. Construction costs for the Project have been determined to have increased from the original estimates and the Owner has requested an increase in the originally induced amount of Bonds from $39.0M to $44,158,595.00. In order to issue the Bonds in the increased principal amount it was necessary to conduct a public hearing and obtain new approval by the Board.
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:
Proposed BCC Resolution
HFA Resolution No. 2025-08
TEFRA Notice
Certification of Publication
TEFRA Hearing Minutes