Subject:
Title
Affordable Housing Funding Agreements with Pinellas Affordable Living, Inc. for affordable rental housing- Founders Point Apartments.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of an Agency Agreement, Mortgage, Promissory Note, Land Use Restriction Agreement, and Subordination Agreement with Pinellas Affordable Living, Inc. (PAL) for an affordable housing project known as Founders Point Apartments.
• The new construction project will include 15 rental housing units. All units will be restricted for households at or below 60.0% Area Median Income (AMI).
• The project was approved by the Board of County Commissioners (Board) on August 15, 2023 (Granicus Item #23-1109A), for $665,816 of HOME Investment Partnership American Rescue Plan (HOME-ARP) funding to develop the multi-family affordable housing project.
• County funding is for the eligible development costs, including construction.
• The Land Use Restriction Agreement (LURA) will restrict five (5) units for households at or below 50.0% AMI for a 20-year affordability period.
• The total development cost is estimated to be $5,861,324.00 with the balance of the funding coming from the Florida Housing Finance Corporation and the City of St. Petersburg.
• The project is located at 2901 31st Street, South. St. Petersburg, Florida.
• Funding for this project is included in the current-year budget of the Housing and Community Development Department in the Community Development Grant Fund.
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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:
Founders Point Apartments is the new construction of a 15-unit affordable housing community located at 2901 31st Street South, St. Petersburg, Florida. All units will be restricted for households earning at or below 60.0% of the AMI through Florida Housing Finance Corporation requirements.
Background/Explanation:
The County will use HOME-ARP funds to provide $665,816.00 for eligible development costs reimbursement. A LURA associated with the construction funding will impose a 20-year affordability restriction on 5 units.
Fiscal Impact:
The funding for this project was recommended and approved by Granicus Items #23-1109A. The project’s total funding amount is not to exceed $665,816.00.
Funding for this project is included in the current-year budget of the Housing and Community Development Department in the Community Development Grant Fund.
Delegated Authority:
Authority for the County Administrator to sign the Land Use Restriction and Agency Agreements is granted by Board action on August 15, 2023, agenda item # 23-1109A.
Staff Member Responsible:
Glenn Bailey, Interim Director, Housing and Community Development
Partners:
City of St. Petersburg
Florida Housing Finance Corporation
Attachments:
Agency Agreement
Mortgage and Promissory Note
Land Use Restriction Agreement
SAIL Subordination Agreement
Reference Granicus Item # 23-1109A, Staff Report, August 15, 2023
Reference Granicus Item #22-2162A, Staff Report, January 17, 2023