Subject:
Title
Affordable housing program project funding recommendation for Longlake Preserves townhome project by Habitat for Humanity of Pinellas and West Pasco Counties.
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Recommended Action:
Recommended Action
Approval of the affordable housing program project funding for the Longlake Preserves townhome project by Habitat for Humanity of Pinellas and West Pasco Counties.
It is further recommended that the County Administrator be authorized to negotiate and approve terms, conditions, and the final funding amount not to exceed the Board of County Commissioners (Board) approved amount.
• The funding recommendation for the Longlake Preserves townhome development project by Habitat for Humanity is $2.0M for construction cost reimbursement.
• Longlake Preserves is a new construction homeownership development of 54 townhomes serving households earning at or below 120.0% of Area Median Income.
• The total development cost is estimated to be $18,233,660.00. Other sources of funding include the City of Largo ($469,000.00) and the State of Florida ($884,600.00).
• The project location is 1756 South Martin Luther King Jr. Avenue in Largo, FL.
• County staff will complete additional due diligence activities including, but not limited to, property appraisals, title searches, loan underwriting and financial analysis. Funding agreements, loan documents, and affordability restrictions will be prepared, negotiated, and executed.
• Board funding approval is conditioned upon satisfactory completion of all due diligence review as determined by the County Administrator, approval of the Site Plan and issuance of Building Permits by the City of Largo.
• The developer estimates a construction start before the end of 2023. Construction is estimated to be completed by the end of 2026.
• Funding is budgeted in the County’s Capital Improvement Program, in Fiscal Year 2024-26, funded by the Local Infrastructure Surtax (Penny for Pinellas) in project 004150A Penny IV Affordable Housing Program. This funding is from the Penny for Pinellas countywide investment for Economic Development Capital Projects and Housing.
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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:
Summary
Habitat for Humanity has applied for affordable housing funding assistance in for the Longlake Preserves townhome development project.
Habitat for Humanity owns the subject property and has a funding commitment for $469,000.00 from the City of Largo and an appropriation of $884,600.00 from the State of Florida. The balance of the project funding will come from Habitat for Humanity’s resources and home sales proceeds.
The Project is a new construction development of 54 townhome units serving households earning at or below 120.0% of Area Median Income (AMI).
The project location is 1756 S. Martin Luther King Jr Ave. in Largo, FL
Staff recommends the Board approve funding in an amount not to exceed $2M for capital improvement construction costs and authorize the County Administrator to negotiate and approve the final terms, conditions, and funding amount.
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Background Information:
Housing and Community Development staff have evaluated and scored the project application and found it to be eligible for Penny for Pinellas funding assistance for the construction of workforce housing.
Fiscal Impact:
Total maximum expenditure: $2.0M
Funding is budgeted in the County’s Capital Improvement Program, funded by the Local Infrastructure Surtax (Penny for Pinellas) in project 004150A Penny IV Affordable Housing Program. This funding is from the Penny for Pinellas countywide investment for Economic Development Capital Projects and Housing.
Staff Member Responsible:
Carol Stricklin, Director, Housing and Community Development
Partners:
Habitat for Humanity of Pinellas and West Pasco
City of Largo
State of Florida
Attachments:
Project Application Evaluation Summary Sheet
Project Location Map