Subject:
Title
Affordable Housing Program project funding recommendation for Brentwood Townhomes.
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Recommended Action:
Recommended Action
Recommend approval of affordable housing funding for the Brentwood Townhomes project by Brentwood BLT EIC, LLC.
It is further recommended that the County Administrator be authorized to negotiate and approve terms and conditions, and the final funding amount not to exceed the Board of County Commissioners’ (Board) approved amount.
• The funding recommendation for Brentwood Townhomes by Brentwood BLT EIC, LLC is $800,000.00 from the Penny IV Program funds for vertical construction costs.
• Brentwood Townhomes is a new construction project of 25 workforce townhome units located at 6731 Bryan Dairy Road in Pinellas Park, that will serve households with incomes in the following categories: Eight below 80% Area Median Income (AMI), five below 120% AMI, and twelve at Market Rate.
• The land will be retained in a land trust with the County as beneficial owner to provide permanent affordability. The total development cost is estimated to be $8,351,404.00. Other sources of funding include Valley National Bank ($5,010,842.00), Ellavoz Neighborhood Homes Fund ($1,260,562.00), Bright Community Trust ($200,000.00) and Deferred Developer Fee ($1,080,000.00). The development is not eligible for the annual Multifamily Property Tax Exemption.
• Next steps: County staff will complete additional due diligence activities including, but not limited to, loan underwriting and financial analysis.
• Including this item, the total amount of Penny IV affordable housing funds committed is $92,021,962.28 out of the $94,090,153.00 currently estimated in all ten years of Penny IV.
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Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing.
Summary:
Summary
Brentwood BLT EIC, LLC has applied for $800,000.00 of workforce housing funding assistance for the Brentwood Townhomes project for vertical construction costs. Staff recommends approval of $800,000.00 utilizing Penny IV Program funds. This project will provide homeownership townhome units.
Brentwood Townhomes will consist of 25 newly constructed three (3)-bedroom, two (2)- bathroom townhome units that will serve the following households: eight (8) units serving households below 80% AMI, five (5) units serving households below 120% AMI, and (12) units serving households at Market Rate. The project site is located at 6731 Bryan Dairy Road, Pinellas Park, FL 33773.
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Background Information:
County Housing and Community Development staff have evaluated the project application and found it to be eligible for funding assistance.
The primary funding source for the project is Valley National Bank in the amount of $5,010,842.00. In addition, $1,260,562.00 from the Ellavoz Neighborhood Homes Fund, $200,000.00 from Bright Community Trust and $1,080,000.00 in Deferred Developer Fee. The $800,000.00 of Penny IV Program funds will be utilized for construction costs.
Fiscal Impact:
The total projected funding amount is not to exceed $800,000.00.
Including this item, the total amount of Penny IV affordable housing funds committed is $92,021,962.28 out of the $94,090,153.07 currently estimated in all ten years of Penny IV.
Funding for this project is included in the FY26-FY31 Capital Improvement Plan (CIP) 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.
The Penny IV Affordable Housing Program (project 004150A) has an FY26 Amended Budget of $37,947,000.00. There is sufficient funding to approve this recommendation. Attached to the Granicus item is a tracking document that shows the FY27-FY32 Estimated CIP, as well as all expenditure activity, both historical and planned.
Staff Member Responsible:
Gregg Mims, Director, Housing and Community Development
Bruce Bussey, Community Development Manager, Housing and Community Development (Presenter)
Partners:
Bright Community Trust
Attachments:
Brentwood Townhomes Project Summary Sheet
Funding Application