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 Clear Bay Terrace.
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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 $14,000,000.00 for the benefit of Clear Bay Terrace VOA Affordable Housing, LP, a Florida Limited Partnership, or its affiliate, duly organized and existing under the laws of the State of Florida.
• The project includes the acquisition and rehabilitation of Clear Bay Terrace, a 100-unit senior rental housing complex located at 1770 North Betty Lane, Clearwater.
• A minimum of 40% of the units will be restricted to households with incomes below 60% of area median income.
• The transaction will feature a full site renovation of approximately $25,324
per unit. This renovation will include site work and both exterior and interior building improvements.
• The total project cost estimate is $21,960,881.
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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 Clear Bay Terrace. The property consists of 100 units, occupied by seniors age 62 or older, with incomes below 60% of area median income as allowed by the Section 202 program, located at 1770 North Betty Lane, 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 $25,324
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 Program (HAP) contract renewal as part of the closing 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 2020-01
TEFRA Notice and Certification of Publication
HFA TEFRA Hearing Minutes