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File #: 18-1923A    Version: 1
Type: Resolution Status: Passed
File created: 11/16/2018 Department: Housing Finance Authority
On agenda: 12/11/2018 Final action: 12/11/2018
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.
Attachments: 1. FE Adopted RES 18-104, 2. AATF of BCC Resolution, 3. BCC TEFRA Resolution (Lutheran Apartments) (01410378-2), 4. 18 1026 TEFRA Notice - HFA MF Hsg Rev Bonds - Lutheran Apts, 5. 2018-17 HFA Resolution Lutheran Towers

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.

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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.

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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:

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