Subject:
Title
Resolution approving the issuance of Multifamily Housing Revenue Bonds by the Housing Finance Authority of Pinellas County to finance the Riverside Apartments multifamily residential rental housing project.
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Recommended Action:
Recommended Action
Adopt a resolution allowing the Housing Finance Authority to issue Multifamily Housing Revenue Bonds in a principal amount not to exceed $39M, for the benefit of OK Riverside LLC, a Florida Limited Liability Company, or its affiliate, duly organized and existing under the laws of the State of Florida.
• This transaction will help finance the acquisition and rehabilitation of a 25.64 acre, 304-unit multifamily development located at 1589 Starlight Cove in Tarpon Springs, originally constructed in 2001.
• There are a total of 22 buildings, 19 of which are residential and three are comprised of house site maintenance storage, a leasing office, which has a childcare center, fitness center and business center for resident use. Additionally, the property has a pool and a total of 600 parking spaces.
• This project includes a mix of 80 one bedroom/one bath, 128 two bedroom/two bath, 72 three bedroom/two bath, and 24 four bedroom/three bath units.
• The development will have 85.0% of the units set-aside for households at or below 60.0% Area Median Income and 15.0% of the units will be market rate. This is the current breakdown as well.
• The estimated rehab costs will be $45,623.00 per unit and plan is for in-place rehabilitation. No County General Funds are required. All lendable funds are generated from the sale of tax-exempt housing bonds and the sale of 4.0% low-income housing tax credits from the Florida Housing Finance Corporation.
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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 transaction will help finance the acquisition and rehabilitation of a 304-unit multifamily development located at 1589 Starlight Cove, Tarpon Springs, Florida and originally constructed in 2001. The site is approximately 25.64 acres total. There are a total 22 buildings, 19 of which are residential and three (3) house site maintenance storage, leasing office, which has a childcare center, fitness center and business center for resident use. Additionally, the property has a pool and a total of 600 parking spaces.
The development contains a unit mix of 80 one (1)-bedroom/one (1) bath, 128 two (2)-bedroom/two (2) bath, 72 three (3)-bedroom/two (2) bath and 24 four (4)-bedroom/three (3) bath units. The development will have 85.0% of the units set-aside for households at or below 60.0% Area Median Income (AMI) and 15.0% of the units will be market rate. This is the current breakdown as well. The estimated rehab costs will be $45,623 per unit and plan is for “in-place” rehabilitation.
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Background Information:
The Authority will issue $39M of tax-exempt bonds. The underlying loan for the bonds will be backed by a HUD 223f loan to be processed by Berkadia. The 4.0% low-income housing tax credits will be issued by Florida Housing Finance Corporation and will be purchased by Raymond James Tax Credit Funds.
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 4.0% 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
HFA Resolution 2022-19
Affidavit of TEFRA Hearing Publication
TEFRA Hearing Minutes