Subject:
Title
Innovare Apartments affordable rental housing development by Volunteers of America of Florida.
Recommended Action:
Recommended Action
Approval and execution by the County Administrator of a Land Trust Agreement with the Housing Finance Authority of Pinellas County (HFA) for Innovare Apartments affordable rental housing development by Volunteers of America of Florida.
• The Innovare project is a new construction development of fifty (50) affordable housing units restricted to households with incomes at or below 60% of Area Median Income (AMI). The housing units will be developed within two multi-story buildings. One of the buildings will include office space on the first floor and a portion of the second floor. The office space will become the location for Volunteers of America of Florida’s corporate offices.
• The developer, Volunteers of America of Florida (VOA) applied for affordable housing funding. The project was approved by the Board of County Commissioners on June 22, 2021 for Penny for Pinellas funding in the amount of $1,000,000.00 plus closing costs for land acquisition.
• The Board also authorized the County Administrator to negotiate and approve the final terms and funding amount. Funding is available from the Penny III budget for affordable housing land acquisition.
• Construction funding sources include Housing Tax Credits, State Apartment Incentive Loan and National Housing Trust Fund. Office space construction costs are the responsibility of VOA.
• The development location is at 5th Street South and Martin Luther King Jr. Street South, St. Petersburg, Florida.
• The Land Trust Agreement defines responsibilities of the HFA as Trustee and the County as Beneficiary. The land will be leased to Innovare, LP for the development and operation of the affordable housing mixed-use project.
• The units will remain affordable for 99 years.
Body
Strategic Plan:
Ensure Public Health, Safety, and Welfare
2.4 Support programs that seek to prevent and remedy the causes of homelessness and move individuals and families from homelessness to permanent housing
Foster Continual Economic Growth and Vitality
4.2 Invest in communities that need the most
Deliver First Class Services to the Public and Our Customers
5.1 Maximize partner relationships and public outreach
5.2 Be responsible stewards of the public’s resources
Summary:
Summary
Volunteers of America of Florida (VOA) applied for affordable housing funding. The project was approved by the Board of County Commissioners on June 22, 2021 for Penny for Pinellas funding in the amount of $1,000,000.00 plus closing costs for land acquisition. Funding is available from the Penny III budget for affordable housing land acquisition.
The Innovare project is a new construction development of fifty (50) affordable housing units restricted to households with incomes at or below 60% of Area Median Income (AMI). The housing units will be developed within two multi-story buildings. One of the buildings will include office space on the first floor and a portion of the second floor. The office space will become the location for Volunteers of America of Florida’s corporate offices. The development location is at 5th Street South and Martin Luther King Jr. Street South, St. Petersburg, Florida.
Construction funding sources include Housing Tax Credits, State Apartment Incentive Loan and National Housing Trust Fund. Office space construction costs are the responsibility of VOA.
The Land Trust Agreement defines responsibilities of the HFA as Trustee and the County as Beneficiary. The land will be leased to Innovare, LP for the development and operation of the affordable housing mixed-use project. The units will remain affordable for 99 years.
Body
Background Information:
The County authorized the utilization of Land Assembly Funds for the acquisition of the property located at 5th Street South and Martin Luther King Jr. Street South, St. Petersburg, Florida to facilitate the Innovare affordable housing development project on June 22, 2021.
The HFA serves as the Trustee of the Pinellas County Land Assembly Trust and this Land Trust Agreement will allow for the commencement of the project.
A direction letter to the HFA procced with the acquisition was provided on September 15, 2021.
Fiscal Impact:
$1,000,000.00 plus closing costs estimated not to exceed $70,000.00 will be funded from the Penny III budget for affordable housing land acquisition.
Delegated Authority:
Authority for the County Administrator to approve project funding and execute the Land Trust Agreement is granted by Board action on June 22, 2021, agenda item #21-1031A.
Staff Member Responsible:
Carol Stricklin, Director, Housing and Community Development Department
Partners:
Housing Finance Authority of Pinellas County
Volunteers of America of Florida
Attachments:
Innovare Land Trust Agreement
Innovare Affordable Housing Development - Volunteers of America Direction Letter
Innovare Affordable Housing Development Appraisal Report
Innovare Affordable Housing Development Credit Underwriting Report
Innovare Affordable Housing Development Recommended Project Summary Sheet
Staff Report - Penny for Pinellas Affordable Housing Program Recommendation - June 22, 2021