Subject:
Title
Affordable Housing Program project funding recommendation for a 35-unit multifamily housing development by Homeless Empowerment Program.
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Recommended Action:
Recommended Action
Recommend approval of affordable housing funding for a 35-unit multifamily project by Homeless Empowerment Program.
It is further recommended that the County Administrator be authorized to negotiate and approve terms and conditions, and the final funding amount not to exceed the Board of County Commissioners’ approved amount.
• The funding recommendation for the 35-unit project by Homeless Empowerment Program (HEP) is $1.75M of federal HOME-ARP funding for construction costs.
• The project is a new construction development of 35 multi-family affordable apartment units located at 1718 North Betty Lane, in Clearwater that will serve the homeless population with incomes less than 80.0% AMI.
• The Land Use Restriction Agreement associated with the construction funding will ensure a 15-year affordability period.
• Next steps: County staff will complete additional due diligence activities including, but not limited to, loan underwriting and financial analysis.
• The total development cost is estimated to be $10,060,325.00. Other sources of funding include HEP Foundation Campaign Gifts and Pledges ($5,425,060.00), HEP Endowment ($1,495,265.00), and City of Clearwater HOME-ARP ($1.39M). The development is not eligible for the annual Multifamily Property Tax Exemption.
• Funding for this program is included in the Fiscal Year 2026 Budget for the Housing and Community Development Department in the Community Development Grant Fund.
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Strategic Priorities:
Prosperity and Opportunity
3.1 Increase the availability of attainable housing.
Summary:
Summary
The funding recommendation for the 35-unit project by HEP is $1.75M of federal HOME-ARP funding for construction costs. Staff is recommending approval of $1.75M utilizing HOME-ARP funding. This project will serve the Homeless population.
The project is a new construction development of 35 multi-family affordable apartment units and will consist of (12) 2-bedroom and (23) 3-bedroom units that will serve the following households: (11) units serving households below 30.0% AMI, (13) units serving households below 50.0% AMI, and (11) units serving households below 80.0% AMI. The LURA associated with the construction funding will ensure a 15-year affordability period. The project site is located at 1718 North Betty Lane in Clearwater, Florida.
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Background Information:
County Housing and Community Development staff have evaluated the project application and found it to be eligible for funding assistance.
The primary funding source for the project is HEP Foundation Campaign Gifts and Pledges in the amount of $5,425,060.00. In addition, $1,495,265.00 from the HEP Endowment and $1.39M City of Clearwater HOME-ARP. The $1.75M of HOME-ARP County funds will be utilized for construction costs.
Fiscal Impact:
The total projected funding amount is not to exceed $1.75M. Funding for this project is HOME-ARP.
Funding for this program is included in the FY26 Budget for the Housing and Community Development Department in the Community Development Grant Fund.
Staff Member Responsible:
Gregg Mims, Director, Housing and Community Development
Bruce Bussey, Community Development Manager, Housing and Community Development (Presenter)
Partners:
Homeless Empowerment Program (HEP)
City of Clearwater
Attachments:
Project Summary Sheet
Project Application Packet