Subject:
Title
Affordable Housing Funding Agreements with Blue Pinellas 2, LLC for affordable rental housing- Skyway Lofts 2 Apartments.
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Recommended Action:
Recommended Action
Approval and execution by the County Administrator of an Agency Agreement, Mortgage, Promissory Note, Land Use Restriction, and Subordination Agreement with Blue Pinellas 2, LLC for an affordable housing project known as Skyway Lofts 2 Apartments.
• The new construction project will include 66 workforce housing units. All units will be restricted for households at or below 80.0% Area Median Income (AMI).
• The project was approved by the Board of County Commissioners (Board) on May 9, 2023 (Granicus Item #23-0308A), for $3.4M of Penny IV funding to develop the multi-family affordable housing project.
• County funding is for both land acquisition ($2.0M) and construction costs ($1.4M). The land has been purchased by the County and placed in a Land Trust with the Housing Finance Authority (HFA) as Trustee, making the project permanently affordable.
• The Land Use Restriction Agreement (LURA) associated with Penny construction funding will restrict twenty units for households at or below 80% AMI for a 30-year affordability period, exceeding program minimum requirements.
• HFA tax-exempt bond requirements will restrict all units for households at or below 80% of AMI for 50 years.
• The total development cost is estimated to be $22,998,407.00 with the balance of the funding coming from the Housing Finance Authority, City of St. Petersburg, and developer equity.
• The project is located at 3800 34th Street South. St. Petersburg, Florida 33711.
• Since the amount has not changed or increased, funding is available in FY24 for this agreement in the Penny IV Affordable Housing Program (project 004150A).
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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:
Skyway Lofts 2 Apartments is the new construction of a 66-unit, garden-style, affordable housing community located at 3800 34th Street South, St. Petersburg, Florida. All units will be restricted for households earning at or below 80.0% of the AMI by tax-exempt bond requirements.
Background/Explanation:
The County will use Penny IV Program funds to provide $3.4M in support for land acquisition and construction cost reimbursement. The land has been purchased by the County and placed in the Land Trust, ensuring permanent affordability of the project. A LURA associated with the $1.4M of Penny construction funding will impose a 30-year affordability restriction on 20 units.
Fiscal Impact:
The funding for this project was recommended and approved by Granicus Items #23-0308A. The project’s total funding amount is not to exceed $3.4M, and funding is to support land acquisition and construction of affordable housing.
Funding is available for this agreement as the amount has not changed/increased. Funding is available in the FY24 Adopted Budget under the Penny IV Affordable Housing Program (project 004150A.
Delegated Authority:
Authority for the County Administrator to sign the Land Use Restriction and Agency Agreements is granted by Board action on January 12, 2022, agenda item # 20-2127A.
Staff Member Responsible:
Carol Stricklin, Director, Housing and Community Development
Partners:
N/A
Attachments:
Agency Agreement
Mortgage and Promissory Note
Land Use Restriction Agreement
SAIL Subordination Agreement
Reference Granicus Item # 23-0308A - Staff Report - May 9, 2023