Housing Finance Authority of Pinellas County partners with the City of St. Petersburg and others to provide 85 units of affordable senior multifamily housing
The Housing Finance Authority of Pinellas County (HFA) closed on the bond financing for Bear Creek Commons on May 31, 2023. Bear Creek Commons is a new construction multifamily development located at 635 64th Street S., St. Petersburg, consisting of 85 units that will be set aside for senior households earning at or below 80 percent of the area median income (AMI).
Blue Sky Communities LLC is the developer of Bear Creek Commons. The HFA used City of St. Petersburg’s Penny for Pinellas funds to purchase the land for the development. The land was placed into a land trust that is administered by the HFA on behalf of the City. The land will be leased to the developer for 99 years (and renewable for another 99 years after that) in exchange for the developer agreeing to keep the units affordable in perpetuity.
This is the first multifamily development to use the City of St. Petersburg’s Penny for Pinellas funds. A groundbreaking ceremony will be held on Monday, June 5, 2023. The HFA is proud of the public-private financing partnership that included the HFA, the City of St. Petersburg, Blue Sky Communities LLC, Florida Housing Finance Corporation, TD Bank and Raymond James Bank.