Subject:
Title
Resolution approving the TEFRA hearing for the refinancing of the Creekside Manor multifamily housing residential housing project through the reissuance of its Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County.
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Recommended Action:
Recommended Action
Adopt a resolution allowing the Housing Finance Authority (HFA) to authorize a public hearing in connection to the refinancing of the Creekside Manor multifamily residential rental housing project through the reissuance of its Multifamily Housing Revenue Bonds, in a principal amount not to exceed $15.5M for the benefit of Creekside Manor VOA Affordable Housing, LP, A Florida Limited Partnership, or its affiliate, duly organized and existing under the laws of the State of Florida.
• The conduit financing transaction proceeds were loaned to Creekside Manor VOA Affordable Housing, LP (the borrower/developer) to help finance the acquisition, rehabilitation and equipping of a 92-unit senior multifamily rental housing facility for persons or families of moderate, middle, or lesser income known as Creekside Manor I and II, located at 1335 Pierce Street, Clearwater, Florida.
• There is no fiscal impact to Pinellas 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).
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Strategic Plan:
Prosperity and Opportunity
* Increase the availability of attainable housing
Summary:
Summary
The Series 2023 Bonds were originally issued in the principal amount of $15.5M on January 26, 2023. The 2023 Bonds provided that at conversion the Bonds would be paid down to $9,475,000.00 but conversion has not yet occurred. The Borrower and the permanent lender for the Series 2023 Bonds have agreed to amend the Indenture of Trust and Loan Agreement for the Series 2023 Bonds to conform the documents to the parties’ original agreement to defer the commencement of principal repayments until the 36th month following stabilization. This original expectation of the Borrower and Lender was not correctly documented in the Indenture of Trust and Loan Agreement. This deferral of the commencement date for the payment of principal on the Series 2023 Bonds causes a reissuance of the Series 2023 Bonds for purposes of the federal income tax laws applicable to the Series 2023 Bonds. In order to reissue the Series 2023 Bonds on a tax-exempt basis, the Code requires that the refunding issues be approved following a public hearing by the Board of County Commissioners (Board) of Pinellas County, Florida in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended.
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Background Information:
An original TEFRA was approved for $16.0M on October 11, 2022 and helped finance the acquisition, rehabilitation and equipping of a 92-unit acquisition/rehabilitation senior multifamily development located at 1335 Pierce Street, Clearwater, Florida.
The project includes the acquisition and rehabilitation of Creekside Manor I & II, a 92-unit senior rental housing complex located at 1318 Franklin Street, Clearwater and 1335 Pierce Street, Clearwater.
The transaction was financed with various sources included, but not limited to, a construction-to-permanent tax-exempt bond loan; Low Income Housing Tax Credit (LIHTC) syndication proceeds; Seller’s notes from Florida VOA Elderly Housing, Inc. to the new tax credit partnership, a contribution from the general partner including GP equity, construction period income and acquired replacement reserves. The Developer deferred a portion of their developer fee to provide additional sources of funding.
The transaction featured a full site renovation of approximately $95,447 per unit. This renovation included site work items, building exterior, building interior (including common areas) and individual unit work. The Project is fully subsidized and received a 20-year HAP renewal as part of the closing process. The residents’ portion of the rent is based on 30.0% of their income. Rehabilitation was completed with tenants in-place. No residents were permanently displaced. All current residents qualified qualify as residents’ post-rehab.
Fiscal Impact:
There is no fiscal impact to Pinellas County.
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. 2025-07
TEFRA Notice
Certification of Publication
TEFRA Hearing Minutes