Subject:
Title
Resolution approving the issuance of Multifamily Housing Revenue Bonds by the Housing Finance Authority of Hillsborough County to finance Riverside Apartments, a multifamily residential rental housing project located in Pinellas County.
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Recommended Action:
Recommended Action
Adopt a resolution allowing the Housing Finance Authority of Hillsborough County (Hillsborough HFA) to issue Multifamily Housing Revenue Bonds, in an aggregate principal amount not to exceed $24.2M, to finance Riverside Apartments, a multifamily residential rental housing project located in Pinellas County.
• Riverside Apartments is located at 1589 Starlight Cove, Tarpon Springs, Florida, and is approximately 25.64 total acres.
• The development includes a total of 304 units consisting of 80 one bedroom/one bath units, 128 two bedroom/two bath units, 72 three bedroom/two bath units, and 24 four bedroom/three bath units.
• Affordability requirements will set-aside 85.0% of the units for households at or below 60.0% of Area Median Income. The remaining 15.0% of the units will be at market rate.
• Riverside Apartments was previously before the Board of County Commissioners on January 17, 2023, Resolution 23-5, for approval of a Tax Equity and Fiscal Responsibility Act (TEFRA) Hearing, on May 20, 2025, Resolution 25-45, for approval of a TEFRA Hearing, and on September 4, 2025, Resolution 25-72, for approval of an Area of Operation.
• This item has no fiscal impact on Pinellas County. The HFA is a dependent special district of Hillsborough 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
The transaction will help finance the acquisition and rehabilitation of a 304-unit multifamily development located at 1589 Starlight Cove, Tarpon Springs, Florida, originally constructed in 2001. The site is approximately 25.64 total acres. There is a total of 22 buildings on the site, 19 residential buildings and three (3) additional buildings for a leasing office, childcare center, fitness center, business center, and maintenance storage. Additionally, the property has a pool and 600 parking spaces.
Riverside Apartments will contain a unit mix of 80 1-bedroom/1 bath, 128 2-bedroom/2 bath, 72 three (3)-bedroom/two (2) bath, and 24 four (4)-bedroom/three (3) bath units. Affordability requirements for the development will be 85.0% of the unit’s set-aside for households at or below 60.0% of AMI, with the remaining 15.0% of the units at market rate.
The Hillsborough HFA has been granted “Area of Operation” authority within Pinellas County, Florida, for the financing of Riverside Apartments. The Hillsborough HFA conducted a public hearing on October 1, 2025, for the purpose of considering the issuance of the Bonds by the Hillsborough HFA in the aggregate principal amount not to exceed $24.2M, in conformance with the requirements of Section 147(f) of the Internal Revenue Code of 1986, as amended. Notice of the public hearing was published on September 21, 2025, in the Tampa Bay Times. The report of the Hillsborough HFA public hearing disclosed no reason why the Bonds should not be issued.
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Background Information:
On January 17, 2023, the Board approved Resolution 23-5, approving the issuance of Multifamily Housing Revenue Bonds in an amount not to exceed $39.0M for Riverside Apartments.
On May 20, 2025, the Board approved Resolution 25-45, approving the issuance of Multifamily Housing Revenue Bonds in an increased amount not to exceed $44,158, 595.00, due to construction cost increases for Riverside Apartments.
On September 4, 2025, the Board approved Resolution 25-72, approving Pinellas County as an Area of Operation for the Hillsborough HFA for Riverside Apartments.
Fiscal Impact:
No County General Funds are required, and the project has no fiscal impact on Pinellas County.
Staff Member Responsible:
Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County
Partners:
Housing Finance Authority of Pinellas County
Housing Finance Authority of Hillsborough County
Attachments:
Resolution
HFA Resolution No. 23-5
HFA Resolution No. 25-45
HFA Resolution No. 25-72
Intent Resolution, Hillsborough County
Affidavit of Publication
TEFRA Hearing Minutes