Subject:
Title
Land Trust Agreement with the Housing Finance Authority of Pinellas County for the affordable housing development of Fairfield Avenue Apartments by Fairfield Avenue Apartments, LLC.
label
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 Fairfield Avenue Apartments by Fairfield Avenue Apartments, LLC for the development of affordable rental housing.
• Fairfield Avenue Apartments is a new construction development that consists of 264 multi-family affordable apartment units serving households earning at or below 120.0% of Area Median Income (AMI); (53) of the units will be restricted to 50.0% of AMI, (67) of the units further restricted to 80.0% AMI, and (144) of the units further restricted to 120.0% AMI.
• The development is located at 3300 Fairfield Avenue South, in St Petersburg and will consist of one (1), two (2) and three (3) bedroom units that will remain affordable for 99 years.
• The development was approved by the Board of County Commissioners (Board) on October 31, 2023, for Penny funding that included $6.2M for land acquisition and $6.2M for vertical construction, subject to due diligence and final approval by the County Administrator.
• Including this item, the total amount of Penny IV affordable housing funds committed is $80,626,745.00 out of the $98,000,000.00 currently estimated in all ten years of Penny IV.
• Funding for this project is included in the FY26-FY31 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.
• The Penny IV Affordable Housing Program (project 004150A) has an FY26 Adopted Budget of $13,271,000.00. There is sufficient funding to approve this recommendation. Attached to the Granicus item is a tracking document that shows the FY26-FY31 Budget, as well as all expenditure activity, both historical and planned.
Body
Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing
Summary:
Fairfield Avenue Apartments will provide 264 units of affordable housing that will be affordable for 99 years to households under 120.0% AMI; of which, (53) units are set-aside for 50.0% AMI or below, (67) units are set-aside for 80.0% AMI, and (144) units are for 120.0% AMI or below. The primary source of project funding is a HUD 211 (d) (4) loan. Funding is also being provided by the City of St. Petersburg.
Background/Explanation:
This action was conditionally approved by the Board on October 31, 2023, Granicus item #23-1598A.
Fiscal Impact:
Total maximum expenditure for the land acquisition is $6.2M inclusive of applicable closing costs, as well as $6.2M for vertical construction. The funding source is Penny IV.
Including this item, the total amount of Penny IV affordable housing funds committed is $80,626,745.00 out of the $98,000,000.00 currently estimated in all ten years of Penny IV.
Funding for this project is included in the FY26-FY31 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.
The Penny IV Affordable Housing Program (project 004150A) has an FY26 Adopted Budget of $13,271,000.00. There is sufficient funding to approve this recommendation. Attached to the Granicus item is a tracking document that shows the FY26-FY31 Budget, as well as all expenditure activity, both historical and planned.
Delegated Authority:
Authority for the County Administrator to sign the Land Trust Agreement is granted by Board action on October 31, 2023, agenda item #23-1598A.
Staff Member Responsible:
Gregg Mims, Director, Housing and Community Development
Bruce Bussey, Community Development Manager, Housing and Community Development
Partners:
Housing Finance Authority of Pinellas County
City of St. Petersburg
Attachments:
Fairfield Avenue Apartments Land Trust Agreement
Fairfield Avenue Apartments Direction Letter, August 12, 2025
Reference Granicus Item #23-1598A - Staff Report - October 31, 2023