Subject:
Title
Affordable Housing Program loan to Homes for Independence d/b/a ServiceSource for a multifamily rental housing project known as the Homes for Independence 6 Homes Renovation project.
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Recommended Action:
Recommended Action
Approval of the recommendation to fund an Affordable Housing Program loan to Homes for Independence d/b/a ServiceSource for a multifamily rental housing project known as the Homes for Independence 6 Homes Renovation Project.
It is further recommended that the Board of County Commissioners (Board) delegate authority to the County Administrator to execute loan documents, restrictive covenants, and any other such agreements and documentation associated with the loan in the amount authorized by the Board.
• The recommended loan amount is $386,198.00 utilizing State Housing Initiatives Partnership funds for renovations.
• The proposed project is the renovation of six units in multiple buildings within multifamily residential properties for persons with special needs. Three of the units will be restricted to households with an income not to exceed 50.0% of Area Median Income (AMI) and three of the units will be restricted to households with an income not to exceed 60.0% AMI.
• Execution of a Land Use Restriction Agreement will be required and will impose a 30-year affordability period.
• The total project cost is estimated to be $390,000.00, consisting of the $386,198.00 loan plus estimated recording costs for the loan documents
• Funding will be in the form of a forgivable loan.
• The units are located at 3890 7th Avenue North, St. Petersburg, Florida, 1000 79th Avenue North, St. Petersburg, Florida and 8211 12th Way North, St. Petersburg, Florida.
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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
HFI is applying for $386,198.00 of affordable housing funding for the HFI-6 renovation project. The project includes the renovation of six (6) affordable housing units for persons with special needs. One (1) unit is located at 1000 79th Avenue North, St. Petersburg, Florida, one (1) unit is located at 8211 12th Way North, St. Petersburg, Florida and four (4) units are located at 3890 7th Avenue North, St. Petersburg, Florida.
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Background Information:
The County anticipates providing construction funding using SHIP funds for the HFI-6 project. Three (3) of the units will be restricted to households with an income not to exceed 50.0% of AMI and three (3) of the units will be restricted to households with an income not to exceed 60.0% AMI, as determined by the U.S. Department of Housing and Urban Development, meeting program requirements. All the units are currently occupied by persons with special needs and relocation of the tenants will be provided during the renovations. Execution of a Land Use Restriction Agreement will be required and will impose a 30-year affordability period.
The SHIP Program provides funds to local governments as an incentive to create partnerships that produce and preserve affordable homeownership and multifamily housing. The program is designed to serve very low-, low- and moderate-income families.
Fiscal Impact:
Total maximum loan amount is $386,198.00. Total maximum funding will not exceed $390,000.00 which includes estimated recording fees for the loan documents. The source of funding is SHIP. These funds are consistent with the FY22 Adopted Budget. Funding will be in the form of a forgivable loan.
Staff Member Responsible:
Carol Stricklin, Director, Housing and Community Development
Partners:
N/A
Attachments:
HFI-6 Affordable Housing Recommendation
3890 7th Avenue Location Plan
1000 79th Avenue Location Plan
8211 12th Way Location Plan
HFI-6 Mortgage and Note
HFI-6 Land Use Restriction Agreement
HFI-6 Agency Agreement