Subject:
Title
Resolution of the Housing Finance Authority to proceed with the financing of a Multifamily Residential Rental Housing Project through the issuance of its Multifamily Housing Revenue Bonds.
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Recommended Action:
Recommended Action
Adopt the proposed resolution of the Housing Finance Authority of Pinellas County (HFA) to issue Multifamily Housing Revenue Bonds in a principal amount not exceed $12,000,000.00 for the benefit of Oceanside Housing Partners LP, a Florida limited partnership, duly organized and existing under the laws of the State of Florida.
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Strategic Plan:
Ensure Public Health, Safety, and Welfare
2.2 Be a facilitator, convener and purchaser of services for those in need
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
Summary:
The acquisition and rehabilitation of the property will be financed through a HUD 223(f) loan and Low Income Housing Tax Credit equity. Additionally, tax-exempt bonds will be issued.
Background Information:
Oceanside Estates is an existing 104-unit senior Section 8 property located at 6700 102nd Avenue North, Pinellas Park. 100% of the units will be set-aside for households at or below 60% Area Median Income. All units at the property are currently covered by a project-based Housing Assistance Payments Contract that allows tenants to pay a portion of their income as rent. As part of the transaction, the Developer will seek to renew the contract for a 20-year term, further preserving affordability at the property.
In anticipation of issuing Multifamily Housing Revenue Bonds for the Oceanside Estates development, the HFA adopted Resolution 2017-09 at its July 5, 2017 Board meeting. A Tax Equity and Fiscal Responsibility Act (TEFRA) hearing was properly advertised and held by the HFA on July 17, 2017.
Fiscal Impact:
No County General Funds are required. All lendable funds are generated from the sale of tax-exempt housing bonds.
The Developer has made application and it is anticipated that Penny for Pinellas Land Assembly Funds will be used to acquire the property.
Staff Member Responsible:
Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County
Partners:
Housing Finance Authority of Pinellas County
Attachments:
Proposed Resolution
HFA Resolution 2017-09
HFA 2017-09 Exhibit A Memorandum of Understanding
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