Subject:
Title
Housing Finance Authority of Pinellas County: 2024 Housing Trust Fund Report.
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Recommended Action:
Recommended Action
Recommend the Board of County Commissioners (Board) receive and file the 2024 Annual Report on the Pinellas Community Housing Trust Fund Program from the Housing Finance Authority of Pinellas County (HFA).
• The Board did not provide new funds to the Housing Trust Fund in Fiscal Year 2023/2024. A total of $3,484,379.00 was available, including program income and prior year carryforwards from participating jurisdictions.
• A total of $1,096,973.54 was expended to assist 265 households (10 households were 50.0% Area Median Income (AMI) and 255 households were 80.0% AMI). Three units of the 265 households were special needs.
• The Housing Trust Funds were leveraged with $46,788,400.84 of other resources.
• Significant new accomplishments since the prior annual report include HFA and the City of Clearwater preserved 179 units, the City of Clearwater preserved one unit and, the City of St. Petersburg produced 85 senior units.
• Acceptance of the 2024 Annual Report on the Pinellas Community Housing Trust Fund Program has no fiscal impact on Pinellas County.
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Strategic Priorities:
Prosperity and Opportunity
-Increase the availability of attainable housing
Summary:
Summary
The HFA of Pinellas County administers the Pinellas Community Housing Trust Fund program through an interlocal agreement with the County. The attached report covers 2024.
The participating jurisdictions generated a total of $169,034.00 of program income. Program income is generated from loan repayment and interest earnings. The participating jurisdictions had a carryover allocation of $3,297.674.00 from the previous year giving a grand total of funds available of $3,484,379.00. A total of $1,096,973.54 was expended to assist 265 households (10 households were 50.0% AMI and 255 households were 80.0% AMI). Three (3) units of the 265 households were special needs.
The Housing Trust Funds were leveraged with $46,788,400.84 of other resources.
Significant new accomplishments since the prior annual report include: HFA and the City of Clearwater preserved 179 units, the City of Clearwater preserved one (1) unit and, the City of St. Petersburg produced 85 senior units.
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Background Information:
The Board adopted Ordinance 06-28 establishing the Pinellas Community Housing Trust Fund on March 24, 2006 (Amended July 21, 2009). The HFA administers the housing trust fund program through an interlocal agreement with the Board.
The Board has allocated a total of $19,429,930.00 to the housing trust fund since program inception. Annual general fund budget allocations were made in the following amounts: $10.0M in FY06/07, $5.0M in FY07/08 and $4.2M in FY08/09.
In accordance with the implementing ordinance, eligible participating jurisdictions include the County and the cities of St. Petersburg, Clearwater and Largo. Funds were distributed by the HFA to participating jurisdictions based on a population ratio formula.
Fiscal Impact:
N/A
Staff Member Responsible:
Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County
Partners:
Housing Finance Authority of Pinellas County
Attachments:
Pinellas Community Housing Trust Fund Program Annual Report - FY23/24
Housing Trust Fund Annual Report- FY23/24