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File #: 22-1336A    Version: 1
Type: Contract/Agreement Status: Passed
File created: 7/27/2022 Department: Housing & Community Development
On agenda: 9/8/2022 Final action: 9/8/2022
Title: Affordable Housing Program loan to Pinellas County Housing Authority, for an affordable multi-family rental housing project known as Valor Preserve to be developed by the Pinellas County Housing Authority.

Subject:

Title

Affordable Housing Program loan to Pinellas County Housing Authority, for an affordable multi-family rental housing project known as Valor Preserve to be developed by the Pinellas County Housing Authority.

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Recommended Action:

Recommended Action

Approval and execution by the County Administrator for the recommendation to fund an Affordable Housing Program loan to Pinellas County Housing Authority (PCHA) for an affordable multi-family rental housing project known as Valor Preserve.

 

It is further recommended that the Board of County Commissioners delegate authority to the County Administrator to execute loan documents, restrictive covenants, and any other such agreements and documentation associated with the loan in the amount authorized by the Board.

 

                     The recommended loan amount is $1.7M utilizing State Housing Initiatives Partnership funds for construction.

                     The proposed project is the development and construction of a 64-unit multi-family affordable rental apartment complex.10 units will be restricted to 30.0% of Area Median Income (AMI), an additional 10 units will be restricted to households at 50.0% AMI and the remaining 44 units will be restricted to households at 60.0% AMI. 32 units will be set aside for households with special needs. Valor Preserve will implement veterans’ preference where veterans will move to the top of the list for units.

                     Delays to the project due to the initial denial of the project by the City of Seminole, purchasing of additional frontage property and the need to redesign certain project components to comply with all City ordinances have resulted in significant cost increases for the project making it necessary for the County to provide additional funding to fill the gap.

                     Execution of a Land Use Restriction Agreement (LURA) will be required and will restrict 10 units to households at or below 50.0% AMI and three units to households at or below 60.0% AMI. Of the 13 restricted units, three units will be set aside for special needs households. The LURA will impose a thirty-year affordability period.

                     The total project cost is estimated to be $29,912,069.00.  Other sources of funding will include 9.0% tax credits, SAIL/ELI loans, PCHA Sellers Note, FHFC Construction Housing Inflation Response Program and deferred developer fees.

                     The County funding will be in the form of an amortized loan. 

                     The project is located at 9575 Seminole Boulevard, Seminole, FL 33772.

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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:

PCHA is applying for $1.7M of affordable housing funding assistance for the Valor Preserve project.  The project includes the development and construction of a 64-unit affordable multi-family rental housing project located at 9575 Seminole Blvd., Seminole, FL. Staff recommends the Board approve funding in an amount not to exceed $1.710M for construction and estimated recording fees and to authorize the County Administrator to negotiate and approve the final terms, conditions, and funding amount.

 

Background Information:

The County anticipates providing construction funding using SHIP funds for the Valor Preserve project. The County will restrict 10 of the units to households with an income not to exceed 50.0% AMI as determined by the U.S. Department of Housing and Urban Development, meeting program requirements and three (3) units will be restricted to households with an income not to exceed 60.0% AMI.  Of the 13 restricted units, three (3) units will be set aside for special needs households.  Execution of a LURA will be required and will impose a 30-year affordability period.

 

The SHIP Program provides funds to local governments as an incentive to create partnerships that produce and preserve affordable homeownership and multifamily housing. The program is designed to serve very low and moderate-income families.

 

Fiscal Impact:

Total maximum loan amount is $1.7M. Total maximum funding will not exceed $1.710M which includes estimated recording fees for the loan documents. The source of funding is SHIP. These funds are available in the Fiscal Year 2022 Adopted Budget. Funding will be in the form of an amortized loan. 

 

Staff Member Responsible:

Carol Stricklin, Director, Housing and Community Development

 

Partners:

N/A

 

Attachments:

Valor Funding Recommendation

Valor Preserve Location Plan

Valor Preserve Mortgage and Note (Draft)

Valor Preserve Agency Agreement (Draft)

Valor Preserve LURA (Draft)

2022 Income and Rent Limits