Subject:
Title
Resolution approving the TEFRA hearing for Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance a multifamily residential rental housing project Bay Pointe Tower.
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 $15.7M for the benefit of Bay Pointe Preservation, LP, a Florida limited partnership, or its affiliate, duly organized and existing under the laws of the State of Florida.
• The conduit financing transaction proceeds were loaned to Bay Pointe Preservation, LP (the borrower/developer) to help finance the acquisition, rehabilitation and equipping of a 210 unit multifamily rental housing facility for persons or families of moderate, middle or lesser income within the City of South Pasadena, Pinellas County, known as Bay Pointe Tower, located at 880 Oleander Way South, South Pasadena, Florida.
• The property currently operates under a Section 236 Agreement, restricting 100.0% of units to residents earning at or below 80.0% AMI. Additionally, 105 units (50.0%) are supported by a Section 8 Project-Based Voucher (PBV) contract administered by the St. Petersburg Housing Authority (SPHA), which remains in place until 2029. The Developer anticipates entering into a new PBV Housing Assistance Payments contract with SPHA for an additional 20-year term in conjunction with bond closing.
• No County General Funds are required. All lendable funds are generated from the sale of tax-exempt housing bonds through the HFA and the sale of 4% low-income housing tax credits from the Florida Housing Finance Corporation. The other sources of funding for the project in $47,723,000.00 of construction and equity bridge financing which will be paid down to $15,695,073.00 of tax-exempt permanent financing and $16,130,209.00 of taxable permanent financing at conversion from Merchants Bank of Indiana, $17,663,856.00 of LIHTC equity provided by Merchants Capital and $5,768,084.00 of deferred developer fee.
• 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).
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Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing.
Summary:
Summary
Bay Pointe Tower (the Project) is an existing 210-unit affordable senior housing community located on 2.39 acres at 880 Oleander Way South, in South Pasadena, Pinellas County. The development will be purchased and rehabilitated by Perez Housing Associates (the Developer). Originally constructed in 1971, the Project is a 17-story senior housing community comprising 96 studio units and 114 one (1)-bedroom units. Project amenities will include a fitness center, community library, on-site laundry facility, dog park, management office, outdoor patio, picnic area, and on-site maintenance. Upon rehabilitation, unit amenities will include upgraded Energy Star appliances, modernized kitchens, modernized bathrooms, new flooring and painting and improved HVAC equipment.
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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 Pinellas 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 or 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. 2026-05
TEFRA Notice
Certification of Publication
TEFRA Hearing Minutes