Subject:
Title
Resolution approving the issuance of Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance a multifamily residential rental housing project Flats on 4th Apartments.
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Recommended Action:
Recommended Action
Adopt a resolution allowing the Housing Finance Authority (HFA) to issue Multifamily Housing Revenue Bonds in a principal amount not to exceed $18.5M for the benefit of Archway Flats on 4th, LLLP, a Florida limited liability limited partnership, or its affiliate, duly organized and existing under the laws of the State of Florida.
• The conduit financing transaction proceeds will be loaned to Archway Flats on 4th, LLLP (the borrower/developer) to help finance the acquisition, construction, and equipping of an 80-unit multifamily rental housing facility for persons or families of moderate, middle, or lesser income serving a population to be known as Flats on 4th Apartments (Project). The Project will be located at 106th Avenue North at the intersection of 106th Avenue North and 4th Street North, St. Petersburg, Florida.
• All lendable funds are generated from the sale of tax-exempt housing bonds through the Housing Finance Authority and the sale of 4.0% low-income housing tax credits from the Florida Housing Finance Corporation. The other sources of funding for the project include State Apartment Incentive Loan (SAIL) funding, American Rescue Plan Act funding from the City of St. Petersburg, land acquisition funding from Pinellas County’s Penny for Pinellas Program, deferred developer fee, National Housing Trust Fund funding, and SAIL ELI funding.
• This item has no fiscal impact on the 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:
Ensure Public Health, Safety and Welfare
2.2 Be a facilitator, convener, and purchaser of services for those in need
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
Summary:
Summary
The transaction proceeds will help finance the acquisition, rehabilitation and equipping of an 80-unit senior development to be constructed on 3.05 acres of land at the southwest corner of 106th Avenue N and 4th Street N in the City of St. Petersburg, Pinellas County, Florida. The developer of the Project is Archway Flats on 4th Developer, LLC, of which Archway Partners, LLC (the Sponsor) is the general partner.
The unit mix at the proposed property will consist of 51 one (1) -bedroom/one (1)-bathroom units (610 square feet), eight (8) two (2)-bedroom/one (1)-bathroom units (818 square feet), and 21 two(2)-bedroom/two (2)-bathroom units (882-929 square feet). The finished development will include high-quality features and finishes, such as solid surface flooring and granite countertops; energy efficient appliances and bathroom fixtures; multi-purpose community room for resident programs, activities, and catering; as well as a library, a coworking space, and a tech lab. Rents will be restricted at 22.0%, 40.0%, and 60.0% AMI levels for an affordability period of 30 years, enforced by a land use restriction agreement. The Pinellas County Housing Authority will allocate 32 project-based Section 8 vouchers to the Project, representing 40.0% of the total units.
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Background Information:
The Developer is requesting $18.5M of tax-exempt bonds, to be issued as cash-collateralized obligations. The bonds will support a draw-down construction loan of $17.63M and subsequent permanent loan of $7.65M from JP Morgan Chase. Additional financing will include $14,431,761.00 of LIHTC equity; $5.5M of SAIL funding; $4,394,157.00 of ARPA funding from the City of St. Petersburg; $2.9M of acquisition funding from Pinellas County’s Penny for Pinellas program; $2,229,127.00 of deferred developer fee; $1.450M of National Housing Trust Fund (NHTF) funding; and $519,800.00 of SAIL ELI funding.
Fiscal Impact:
No County General Funds are required. All lendable funds are generated from the sale of tax-exempt housing bonds and the sale of 4.0% low-income housing tax credits from the Florida Housing Finance Corporation.
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. 2024-17
TEFRA Notice
Affidavit as to TEFRA Hearing Publication
TEFRA Hearing Minutes