Subject:
Title
Affordable Housing Funding Agreements with Homeless Emergency Project, Inc. d/b/a Homeless Empowerment Program (HEP) for a 35-unit multifamily housing development.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of the Affordable Housing Funding Agreements with Homeless Emergency Project, Inc. d/b/a Homeless Empowerment Program (HEP) for a 35-unit multifamily housing development.
• The new construction project will include 35 multi-family rental housing units that will serve the homeless population with incomes less than 80.0% Area Median Income (AMI). The units will be restricted as follows: (11) units below 30.0% AMI, (13) units below 50.0% AMI and (11) units below 80.0% AMI.
• The project was approved by the Board of County Commissioners (Board) on March 24, 2026 (Granicus Item #26-0185A), for up to $1.75M of Federal HOME-ARP funding for the construction of the affordable housing project.
• The Land Use Restriction Agreement (LURA) associated with the project will restrict (5) units for a 15-year affordability period.
• The total development cost is estimated to be $12,217,811.00. Other sources of funding include HEP Equity ($1,377,014.00) HEP Foundation Campaign Funds ($3,460,181.00), HEP Endowment ($4,240,616.00) and City of Clearwater HOME-ARP ($1.39M).
• The project is located at 1718 N. Betty Lane, Clearwater, FL.
• Authority for the County Administrator to sign the Agency Agreement and LURA is granted by Board action on March 24, 2026, Granicus Item #26-0185A.
• Funding for this agreement is included in the FY26 Budget for the Housing and Community Development Department in the Community Development Grant Fund.
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Strategic Priorities:
3.1 Increase the availability of attainable housing.
Summary:
Approval and execution of the Agency Agreement and LURA will provide funding for Betty Lane Apartments, a new construction project consisting of 35 units of affordable housing that will serve the homeless population, located at 1718 N. Betty Lane, Clearwater, Florida. The units will be restricted for households as follows: (11) units below 30.0% AMI, (13) units below 50.0% AMI and (11) units below 80.0% AMI.
Background/Explanation:
On March 24, 2026, in Granicus Item #26-0185A, the Board approved funding for the 35-unit multifamily new construction project. The County will use Federal HOME-ARP
funds to provide $1.75M in support for construction. The LURA associated with this project will impose a 15-year affordability period for (5) assisted units.
Fiscal Impact:
The total project funding amount is not to exceed $1.75M The affordable housing project will be funded from Federal HOME-ARP funds.
Funding for this agreement is included in the FY26 Budget for the Housing and Community Development Department in the Community Development Grant Fund.
Delegated Authority:
Authority for the County Administrator to sign the Agency Agreement and LURA is granted by Board action on March 24, 2026, Granicus Item #26-0185A.
Staff Member Responsible:
Gregg Mims, Director, Housing and Community Development
Bruce Bussey, Community Development Manager
Partners:
Homeless Emergency Project, Inc. d/b/a Homeless Empowerment Program (HEP)
City of Clearwater
Attachments:
Agency Agreement
Land Use Restriction Agreement
Mortgage and Promissory Note