Subject:
Title
Affordable Housing Program project funding recommendation for Lake Belleview Townhomes by Lake Belleview Development LLC.
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Recommended Action:
Recommended Action
Recommend approval of affordable housing funding for the Lake Belleview Townhomes project by Lake Belleview Development LLC.
It is further recommended that the County Administrator be authorized to negotiate and approve terms, conditions, and the final funding amount not to exceed the Board of County Commissioners approved amount.
• The funding recommendation for Lake Belleview Townhomes is $1,015,028.00 of Penny for Pinellas funding for construction costs for workforce housing.
• Lake Belleview Development LLC is a partnership between Habitat for Humanity of Pinellas Inc. and Tampa Bay Neighborhood Housing Services Inc.
• Lake Belleview Townhomes is a new construction project of 24 affordable homeownership units located at 1456 South Martin Luther King Jr. Avenue in Clearwater that will serve households as follows: (3) units are set-aside for 60.0% Area Median Income (AMI) or below, (9) units are set-aside for 80.0% AMI or below and (12) units are for 120.0% AMI or below.
• The total development cost is estimated to be $9,577,613.50. Other sources of funding include Owner’s Equity ($996,611.73), City of Clearwater ($882,585.00), and Permanent Debt Financing ($6,683,388.77).
• Next steps: County staff will complete additional due diligence activities, including, but not limited to, loan underwriting and financial analysis. Funding agreements, loan documents, and affordability restrictions will be prepared, negotiated, and executed.
• Approval of this project funding recommendation will increase the total amount of Penny IV affordable housing funds committed to $80,446,901.00 out of the $98,000,000.00 currently estimated in all 10 years of Penny IV.
• The total funding request for this item is $1,015,028.00. Funding for this item is included in the Fiscal Year 2025-2030 Capital Improvement Program plan under the Penny IV Affordable Housing Program (Project 004150A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas) as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for housing specifically.
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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:
Summary
Lake Belleview Development LLC has applied for $1,015,028.00 of affordable housing funding assistance for the Lake Belleview Townhomes project for construction of units for workforce housing. Staff is recommending funding assistance up to $1,015,028.00.
Lake Belleview Townhomes is a new construction project consisting of 24 affordable homeownership units for the following households: Three (3) units serving households below 60.0% AMI, nine (9) units serving households below 80.0% AMI and (12) units serving households below 120.0% AMI. The project site is located at 1456 S. Martin Luther King Jr. Ave. in Clearwater, FL.
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Background Information:
Housing and Community Development staff have evaluated and scored the project application and found it to be eligible for funding assistance.
The primary funding source for the project is lender financing of $6,683,388.77. In addition, the developer is providing $996,611.73 in Owner’s Equity and the City of Clearwater is providing $882,585.00 ($525,000.00 for Land Acquisition and $357,585.00 for construction funding). The $1,015,028.00 of County funds will be utilized for construction costs to provide workforce housing.
Fiscal Impact:
The total funding request for this item is $1,015,028.00. Funding for this item is included in the FY25-FY30 Capital Improvement Program plan under the Penny IV Affordable Housing Program (Project 004150A). This project is funded by Local Infrastructure Sales Surtax (Penny for Pinellas), as part of the 8.3% countywide investment for Economic Development and Housing, half of which, or 4.15%, is set aside for housing specifically.
Staff Member Responsible:
Glenn Bailey, Interim Director, Housing and Community Development
Partners:
Lake Belleview Development LLC
City of Clearwater
Attachments:
Lake Belleview Townhomes Project Summary Sheet