Subject:
Title
Affordable Housing Funding Agreements with Habitat for Humanity of Pinellas County, Inc. for the MLK Project, now known as Longlake Preserve.
label
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of an Agency Agreement and Land Use Restriction with Habitat for Humanity of Pinellas County, Inc. for an affordable workforce housing project known as Longlake Preserve.
• Longlake Preserve is a new construction development consisting of 54 homeownership units serving households earning at or below 120.0% of Area Median Income (AMI).
• The project was approved by the Board of County Commissioners (Board) on October 31, 2023 (Granicus Item #23-1590A), for $2.0M of Penny IV funding to develop the affordable housing project.
• The funding for Longlake Preserve is $2.0M for construction cost reimbursement. The Land Use Restriction Agreement (LURA) associated with Penny construction funding will enforce a 20-year affordability period on fifty-four units.
• The total development cost is estimated to be $17,417,000.00. Other sources of funding include the City of Largo ($469K) and Habitat for Humanity Funds ($14,948,000.00).
• The project location is 1756 S. Martin Luther King Jr Ave. in Largo, FL
• Funding is available in FY24. Funding budgeted in the Penny IV Countywide Investments Affordable Housing Program (project 004150A).
Body
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:
Longlake Preserve is a new construction development consisting of 54 affordable workforce units serving households earning at or below 120.0% of AMI. The project is located at 1756 S. Martin Luther King Jr Ave. in Largo, Florida.
Background/Explanation:
The County will use Penny IV Program funds to provide $2.0M in support for construction cost reimbursement. A LURA associated with the Penny construction funding will impose a 20-year affordability restriction on 54 units.
Fiscal Impact:
The funding for this project was approved by Granicus Items #23-1590A. The project’s total funding amount is not to exceed $2M, and funding is to support the construction of affordable housing.
Funding is available for this agreement as the amount has not changed/increased. Funding is available in the FY24 Adopted Budget out of the Penny for Pinellas Fund under the Penny IV Affordable Housing Program (project 004150A).
Delegated Authority:
Authority for the County Administrator to sign the Land Use Restriction and Agency Agreements is granted by Board action on October 31, 2023, agenda item # 23-1590A.
Staff Member Responsible:
Carol Stricklin, Director, Housing and Community Development
Partners:
Habitat for Humanity of Pinellas County, Inc.
City of Largo
State of Florida DEO
Attachments:
Agency Agreement
Land Use Restriction Agreement
Reference Granicus Item #23-1590A - Staff Report - October 31, 2023