Subject:
Title
Resolution approving the TEFRA hearing for the refinancing of the Clear Bay Terrace multifamily housing residential housing project through the reissuance of its Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County.
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Recommended Action:
Recommended Action
Adopt a resolution allowing the Housing Finance Authority (HFA) to authorize a public hearing in connection to the refinancing of the Clear Bay Terrace multifamily residential rental housing project through the reissuance of its Multifamily Housing Revenue Bonds, in a principal amount not to exceed $15.4M for the benefit of Clear Bay Terrace VOA Affordable Housing, 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 Clear Bay Terrace Affordable Housing, LP (the borrower/developer) to help finance the acquisition, rehabilitation and equipping of a 101-unit senior multifamily rental housing facility for persons or families of moderate, middle, or lesser income known as Clear Bay Terrace, located at 1770 Betty Lane, Clearwater, Florida.
• There is no fiscal impact to the County General Fund.The HFA is a dependent special district of the County. Conduit financings pledge neither the district 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 Plan:
Prosperity and Opportunity
* Increase the availability of attainable housing
Summary:
Summary
The County’s 2022 TEFRA approval was for the original $14.0M Series 2022 Bonds, which were issued in the principal amount of $15.4M as permitted by the 2022 TEFRA approval. The 2022 Bonds provided that at conversion the Bonds would be paid down to $9,475,000.00. The Borrower and the permanent lender for the Series 2022 Bonds have agreed to amend the Indenture of Trust and Loan Agreement for the Series 2022 Bonds to conform the documents to the parties’ original agreement to defer the commencement of principal repayments until the 36th month following stabilization. This original expectation of the Borrower and Lender was not correctly documented in the Indenture of Trust and Loan Agreement. This deferral of the commencement date for the payment of principal on the Series 2022 Bonds causes a reissuance of the Series 2022 Bonds for purposes of the federal income tax laws applicable to the Series 2022 Bonds. In order to reissue the Series 2022 Bonds on a tax-exempt basis, the Code requires that the refunding issues be approved following a public hearing by the Board of County Commissioners (Board) of Pinellas County, Florida in accordance with Section 147(f) of the Internal Revenue Code of 1986, as amended.
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Background Information:
The transaction helped finance the acquisition and rehabilitation of 101 existing senior multifamily units located at 1770 N. Betty Lane, Clearwater, Florida. 20 units will be set-aside for households at or below 50.0% AMI, 80 units will be set-aside for households at or below 80.0% AMI and one (1) unit will be set-aside for on-site manager. A US Department of Housing and Urban Development Project-based Section 8 Housing Assistance Payments (HAP) Basic Renewal Contract Multi-Year Term, dated August 23, 2013, was provided. The renewal is between the North Tampa Housing Development Corporation and Clearwater VOA Elderly Housing, Inc. (Seller). The applicant applied for an Assignment/Assumption of the Section 8 HAP contract and was a condition to close.
Fiscal Impact:
There is no fiscal impact to Pinellas County.
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. 2025-06
TEFRA Notice
Certification of Publication
TEFRA Hearing Minutes