Subject:
Title
Local government verification of contribution form for 2022 Housing Credit Financing applications for the Grand Oaks Apartments affordable housing development project.
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Recommended Action:
Recommended Action
Approval of the local government verification of contribution form for the Grand Oaks Apartments affordable housing development project.
• Grand Oaks Apartments is phase two of a four phase planned redevelopment of the public housing complex known as Rainbow Village located in the Greater Ridgecrest Area. Grand Oaks will provide 80 units of affordable family housing. The total development cost of the project is estimated to be $27,346,219.00. The master plan for the entire site will produce up to 315 units. This project is being developed in partnership by Norstar Development and the Pinellas County Housing Authority.
• The Florida Housing Financing Corporation (FHFC) is scheduled to issue a Request for Applications #2022-202 for Affordable Housing Credit Financing on November 10, 2022.
• The 9.0% Low Income Housing Tax Credit application process is highly competitive. Applications that qualify for Local Government Area of Opportunity Designation receive additional points. To qualify, an application must receive a higher level of local government funding support in the minimum amount of $610,000.00.
• The County issued a Notice of Funding Availability for the 2022 Local Contribution Match application.
• The County received one application requesting local funding assistance in support of low-income housing credit applications to FHFC. The applicant, Norstar Development requests Local Government Area of Opportunity Funding in the amount of $610,000.00.
• The application was evaluated based on the published criteria and deemed eligible for support. In accordance with FHFC application rules, only one project may be funded by a local government at this level.
• Funding for the local match will not exceed $610,000.00 for the Grand Oaks Apartments.
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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:
Summary
One (1) application was received by the County requesting local funding assistance in support of low-income housing credits applications to FHFC. The applicant requests consideration of “Local Government Area of Opportunity Funding” in the amount of $610,000. In accordance with FHFC application rules, only one (1) project may be funded at this level.
The project application was evaluated based on the established scoring criteria, resulting in a score of 75 out of a possible 100 points.
Grand Oaks Apartments: The proposed redevelopment will provide 80 units of family housing at Rainbow Village. The development is located at Washington Avenue and 130th Avenue in Largo, in the Greater Ridgecrest Area. The total development cost of the project is estimated to be $27,346,219.00. This project is being developed in partnership with Norstar and the Pinellas County Housing Authority. The recommendation is for full funding of $610,000.
An analysis of the application including scoring criteria is included as an attachment.
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Background Information:
The FHFC is scheduled to issue a RFA 2022-202 for Affordable Housing Credit Financing. The application process is highly competitive. The applicants may apply for Local Government Area of Opportunity Funding which demonstrates a high level of local government support for the project. A local jurisdiction may only contribute funds to one (1) proposed development applying for the Local Government Area of Opportunity funds. The FHFC application submittal deadline is December 29, 2022. The RFA and related information, once issued, may be found on-line at: https:// www.floridahousing.org/programs/developers-multifamily-programs/competitive/2022/2022-202
The County issued a Notice of Funding Availability for the 2022 Local Contribution Match Application. The Notice included the local scoring criteria to be used in the ranking of applications for the Local Government Area of Opportunity Funding. The FHFC awards additional points to projects that receive Local Government Area of Opportunity funding.
Fiscal Impact:
Funding for the local match will not exceed $610,000 for Grand Oaks Apartments and is included in the Fiscal Year 2023 (FY23) Adopted Budget. Funding sources for affordable housing program loans include the following federal, state, and local housing and community development grants: HOME Investment Partnership, Neighborhood Stabilization Program, State Housing Initiatives Partnership, and the Pinellas County Housing Trust Fund. Local match funding provided by the County will be in the form of a deferred, no interest, no payment, forgivable loan.
Staff Member Responsible:
Carol Stricklin, Director, Housing and Community Development
Partners:
Norstar Development
Pinellas County Housing Authority
Attachments:
Local Government Verification of Contribution - Loan Form Grand Oaks
Pinellas County Notice of Funding Availability Application Scoring Sheet
Location Map for Grand Oaks