Subject:
Title
Resolution approving the issuance by the Housing Finance Authority of Pinellas County of its Multifamily Housing Revenue Bonds to finance a multifamily residential rental housing project.
label
Recommended Action:
Recommended Action
Adopt the proposed resolution allowing the Housing Finance Authority to issue Multifamily Housing Revenue Bonds in a principal amount not to exceed $18,500,000.00 for the benefit of Lutheran Florida, LP (Owner) and Allied Real Estate Partners, LLC (Developer).
• Acquisition and renovation of a 225 unit senior housing apartment complex located at 550 1st Avenue South in downtown St. Petersburg.
• Preserves and extends affordability restrictions on the housing units for 30 years.
Body
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:
Adoption of the Resolution will permit a transaction to be financed with Housing Finance Authority (HFA) issued tax-exempt private activity revenue bond proceeds, along with various other sources including first-mortgage financing from KeyBank under the Fannie Mae DUS Reduced Occupancy Affordable Rehabilitation (ROAR) Program; the assumption of an existing note payable to Florida Housing Finance Corporation; seller carryback financing; and funds available from certain bridge loans and equity contributions. It is expected that the developer will defer a portion of the developer fee to provide additional sources of funding. The financing will allow the Developer to acquire, rehabilitate, equip and improve an existing 225-unit, high-rise, senior development built in 1971 located at 550 1st Avenue South between 5th Street South and 6th Street South in the City of St. Petersburg (Property).
Background Information:
The Property will offer studio and 1-bedroom units configured in one, 16-story high rise building with 100% of the units rented as affordable housing (and the Developer will commit to do so for at least 30 years). 100% of the units will be rented to low-income senior households with incomes at or below 60% of the Area Median Income for Pinellas County. The HFA conducted a TEFRA hearing.
Fiscal Impact:
No County General Funds are required. All lendable funds are generated from the sale of tax exempt housing bonds and the sale of 4% low income housing tax credits from the Florida Housing Finance Corporation.
Staff Member Responsible:
Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County
Partners:
Housing Finance Authority of Pinellas County
Attachments:
Proposed Resolution
Resolution 2018-17