Subject:
Title
Resolution approving the TEFRA hearing for Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance multifamily residential rental housing project Hartford and Saratoga Apartments.
label
Recommended Action:
Recommended Action
Adopt a resolution allowing the Housing Finance Authority of Pinellas County (HFA) to authorize a public hearing in connection to the financing of a multifamily residential rental housing project through the issuance of its Multifamily Housing Revenue Bonds, in a principal amount not to exceed $7.65M and its Taxable Multifamily Housing Revenue Bonds, in a principal amount not to exceed $17.85M for the benefit of Hartford Owner, LLC, a Florida Limited Liability Company, or its affiliate.
• The conduit financing transaction proceeds will be loaned to Hart Owner, LLC (the borrower/developer) to help finance the acquisition, construction/rehabilitation and equipping of two multifamily rental housing facilities for persons or families of moderate, middle or lesser incomes to be known as Hartford Apartments, which will consist of approximately 75 units to be located at Hartford Street at the southeast corner of 32nd Avenue North and Saratoga Apartments, which consists of approximately 34 units located at 3475 32nd Avenue North and 3480 33rd Avenue North (collectively, the Project), St. Petersburg, Florida.
• No County General Funds are required. All lendable funds are generated from the sale of tax-exempt and taxable bonds through the HFA and the sale of 4.0% low-income housing tax credits from the Florida Housing Finance Corporation. J.P. Morgan has issued a letter of intent to provide $25.M of tax-exempt construction-to-permanent financing for the Project. Other sources of funding include $17,075,795.00 of LIHTC equity provided by Raymond James; $8.M of subordinate soft-pay debt from the City of St. Petersburg; and a $3.4M seller loan from the St. Petersburg Housing Authority.
• This item has no fiscal impact on the County. The HFA is a dependent special district of Pinellas County. Conduit financings pledge neither the HFA’s 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).
Body
Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing.
Summary:
Summary
The Project is both a new-construction and acquisition/rehabilitation project which will consist of 109 total units located on adjacent sites in St. Petersburg, Florida. Hartford is a planned 75-unit multifamily mid-rise development to be constructed on approximately 1.53 acres of land at the southeast corner of 32nd Avenue North. Saratoga is an existing 34-unit garden-style apartment community owned by the SPHA, located at 3475 32nd Avenue North and 3480 33rd Avenue North. The Project is a joint venture between Blue Sky Communities and the SPHA, with SPHA retaining full ownership of the land upon completion.
The unit mix at Hartford will consist of 21 one (1)-bedroom units, 36 two (2)-bedroom units and 18 three (3)-bedroom units. The finished development will include a management office, clubroom, fitness center, resident programming, and onsite parking. Rents will be restricted to the 60.0% AMI level for an affordability period of 50 years, enforced by a Land Use Restriction Agreement (LURA). The unit mix at Saratoga consists of 18 one (1)-bedroom units and 16 two (2)-bedroom units. Upon completion, all units at Saratoga will be set aside at the 50.0% AMI level for an affordability period of 50 years, enforced by a LURA.
Body
Background Information:
N/A
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.
This item has no fiscal impact on the County. The HFA is a dependent special district of Pinellas County. Conduit financings pledge neither the HFA’s 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).
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. 2026-08
TEFRA Notice
Certification of Publication
TEFRA Hearing Minutes