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File #: 21-2398A    Version: 1
Type: Resolution Status: Passed
File created: 11/30/2021 Department: Housing Finance Authority
On agenda: 1/11/2022 Final action: 1/11/2022
Title: Resolution approving the issuance of Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance a multifamily residential rental housing project, Clear Bay Terrace.
Attachments: 1. Adopted RES 22-6, 2. AATF - Resolution Approving 2022 Bonds Clear Bay Terrace Apartments with Exhibit

Subject:

Title

Resolution approving the issuance of Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance a multifamily residential rental housing project, 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 of Pinellas County in a principal amount not to exceed $14M 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.

 

                     Authorization to issue Multifamily Housing Revenue Bonds for an affordable rental housing preservation project.

                     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.

                     The transaction will feature a full site renovation of approximately $25,324.00 per unit. This renovation will include site work items, building exterior, building interior (including common areas), and individual unit work. 

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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 approximately 100 units, occupied by seniors age 62+, as allowed by the Section 202 program, located at 1770 North Betty Lane, Clearwater (the “Project”). 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 GP 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 HAP renewal as part of the closing process.  The residents’ portion of the rent is based on 30.0% of their income.  Rehabilitation will be completed with tenants in-place.  No residents will be permanently displaced.  All current residents will qualify as residents’ post-rehab.

 

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 .04% 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 - Clear Bay Terrace Apartments
Resolution 2020-01and Memorandum of Agreement, January 15, 2020
Notice of Public Hearing, November 7, 2021
Housing Finance Authority- TEFRA Hearing Meeting Minutes, November 16, 2021