Subject:
Title
Land Trust Agreement with the Housing Finance Authority of Pinellas County for the affordable housing preservation of Indigo Apartments by Sunrise Affordable Housing Group.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of a Land Trust Agreement with the Housing Finance Authority of Pinellas County for Indigo Apartments by Sunrise Affordable Housing Group for the preservation of affordable rental housing.
• Indigo Apartments is an existing development that consists of 208 multi-family affordable units serving households earning at or below 80.0% of Area Median Income (AMI). There will be (50) units set aside for 30.0% AMI or below, (82) units will be set aside for 60.0% AMI or below, and (75) units will be set aside for households at 80.0% AMI or below.
• The development is located at 801 Chestnut Street in Clearwater and consists of Studio and one (1)-bedroom units that will remain affordable for 99 years.
• The development was approved by the Board of County Commissioners (Board) on September 5, 2024, for Penny funding that included $7.0M for land acquisition and renovation construction costs, subject to due diligence and final approval by the County Administrator.
• The total funding request for this project is $7.0M. Funding for this project is included in the FY25-FY30 Capital Improvement Program plan under the Penny IV Affordable Housing Program (project 004150A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas), as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for housing specifically.
• Including this item, the total amount of Penny IV affordable housing funds committed is $80,446,901.00 out of the $98,000,000.00 currently estimated in all ten years of Penny IV.
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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:
Indigo Apartments will provide 208 units of affordable housing that will be affordable for 99 years to households under 80.0% AMI; of which, (50) units set aside for 30.0% AMI or below, (82) units will be set aside for 60.0% AMI or below, and (75) units will be set aside for households at 80.0% AMI or below. The primary source of project funding is Tax Exempt Bond financing from the Housing Finance Authority. Funding is also being provided by the Clearwater CRA and the City of Clearwater.
Background/Explanation:
This action was conditionally approved by the Board on September 5, 2024, Granicus item #24-1248A.
Fiscal Impact:
The total funding request for this project is $7.0M. Funding for this project is included in the FY25-FY30 Capital Improvement Program plan under the Penny IV Affordable Housing Program (project 004150A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas), as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for housing specifically.
Delegated Authority:
Authority for the County Administrator to sign the Land Trust Agreement is granted by Board action on September 5, 2024, agenda item #24-1248A.
Staff Member Responsible:
Glenn Bailey, Interim Director, Housing and Community Development
Partners:
Housing Finance Authority of Pinellas County
Clearwater CRA
City of Clearwater
Attachments:
Indigo Apartments Land Trust Agreement
Project Summary Sheet Indigo Apartments
Indigo Apartments Direction Letter, December 5, 2024
Reference Granicus Item 24-1248A - Staff Report - September 5, 2024