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File #: 20-178A    Version: 1
Type: Resolution Status: Passed
File created: 1/27/2020 Department: Housing Finance Authority
On agenda: 3/10/2020 Final action: 3/10/2020
Title: Resolution approving the issuance of Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance the acquisition and rehabilitation of multifamily residential rental housing known as Creekside Manor.
Attachments: 1. Adopted RES 20-13, 2. AATF RESOLUTION Approving TEFRA, 3. 20 02404 TEFRA Minutes Creekside Manor I & II

Subject:

Title

Resolution approving the issuance of Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance the acquisition and rehabilitation of multifamily residential rental housing known as Creekside Manor.

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Recommended Action:

Recommended Action

Adopt a resolution approving the issuance of Multifamily Housing Revenue Bonds by the Housing Finance Authority (HFA) in a principal amount not to exceed $13,000,000.00 for the benefit of Creekside Manor VOA Affordable Housing, LP, a Florida Limited Partnership, or its affiliate, duly organized and existing under the laws of the State of Florida.

 

                     Authorization to issue Multifamily Housing Revenue Bonds for the acquisition and rehabilitation of Creekside Manor I and II, a 92-unit senior rental housing complex located at 1318 Franklin Street and 1335 Pierce Street in Clearwater.

                     Renovations will include site work, and both interior and exterior building improvements.

                     The total project cost estimate is $19,166,312.00.

                     The transaction will feature a full site renovation of approximately $43,400 per unit. 

                     This renovation will include site work items, building exterior, building interior (including common areas) and individual unit work. 

                     The project is fully subsidized and will request a 20-year Housing Assistance Payments (HAP) contract renewal from HUD as part of the funding process.

                     All units will be limited to households with incomes below 80% of the area median income.  

                     The residents’ portion of the rent is based on 30% of their income. Rehabilitation will be completed with tenants in-place. No residents will be permanently displaced.

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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:

Summary

The project includes the acquisition, rehabilitation and equipping by a private owner of a low to moderate income housing project to be known as Creekside Manor I and II. The property consists of 92 units, occupied by seniors age 62+, as allowed by the Section 202 program, located at 1318 Franklin Street, Clearwater and 1335 Pierce Street, Clearwater. The transaction will be financed with various sources included, but not limited to, a construction-to-permanent tax-exempt bond loan; Low Income Housing Tax Credit (LIHTC) syndication proceeds; Seller’s notes from Florida VOA Elderly Housing, Inc. to the new tax credit partnership, a contribution from the general partner including equity, construction period income and acquired replacement reserves.  It is expected that the Developer will defer a portion of their developer fee to provide additional sources of funding.

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Background Information:

The transaction will feature a full site renovation of approximately $43,400
per unit.  This renovation will include site work items, building exterior, building interior (including common areas) and individual unit work.  The Project is fully subsidized and will request a 20-year Housing Assistance Payments (HAP) contract renewal from HUD as part of the funding process.  The residents’ portion of the rent is based on 30% of their income.  Rehabilitation will be completed with tenants in-place.  No residents will be permanently displaced.

 

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 BCC Resolution
HFA Resolution 2020-02
TEFRA Notice and Certification of Publication
HFA Hearing Minutes