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 Bear Creek Commons.
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Recommended Action:
Recommended Action
Adopt a resolution allowing the Housing Finance Authority (HFA) to issue Multifamily Housing Revenue Bonds in a principal amount not to exceed $12.5M, for the benefit of Blue 64th Street, LLC, a Florida Limited Liability Company, or its affiliate, duly organized and existing under the laws of the State of Florida.
• This conduit financing transaction proceeds will be loaned to Blue 64th Street, LLC (the borrower/developer) to help finance the acquisition, construction and equipping of an 85-unit midrise multifamily rental housing to be known as Bear Creek Commons.
• Eighteen units will be restricted to households earning 30.0% or less of Area Median Income (AMI), 48 units will be restricted to households earning 60.0% or less of AMI and 19 units will be restricted 80.0% AMI.
• This project is located within the City of St. Petersburg at 635 64th Street South, St. Petersburg, Florida 33707.
• The land for the development was acquired using City of St. Petersburg Penny for Pinellas Land Acquisition funds. The land is in a land trust administered by the HFA, as Trustee on behalf of the City of St. Petersburg as Beneficial Owner.
• The developer will be solely responsible for payment of the bond debt.
• The Housing Finance Authority is a dependent special district of the County.
Conduit financings pledge neither the district nor the County’s credit and neither are responsible for payment of the debt except from funds received from the borrower (in this case the developer).
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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, construction and equipping of an 85-unit midrise multifamily rental housing facility for income eligible elderly persons or families within the City of St. Petersburg, Pinellas County, to be located at 635 64th Street South, St. Petersburg, Florida 33707.
The land for the development was acquired using City of St. Petersburg Penny for Pinellas Land Acquisition funds. The land is in a land trust administered by the HFA as Trustee on behalf of the City of St. Petersburg as Beneficial Owner.
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Background Information:
The Authority will issue $12.5M of tax-exempt bonds. Four percent (4.0%) low-income housing tax credits will be issued by Florida Housing Finance Corporation. The City of St. Petersburg has also committed $4M of ARPA funds.
Fiscal Impact:
No fiscal impact to the County
Staff Member Responsible:
Kathryn Driver, Executive Director, Housing Finance Authority of Pinellas County
Partners:
Housing Finance Authority of Pinellas County
Attachments:
Resolution
HFA Resolution 2023-01
TEFRA Notice
Certification of Publication
TEFRA Hearing Minutes