Housing Finance Authority of Pinellas County provides funding for 642 units of affordable multifamily housing

Since December 2021, the Housing Finance Authority of Pinellas County has provided funding through the issuance of its Multifamily Housing Revenue Bonds for 642 units of affordable multifamily for households. Forty units are set-aside for households at or below 30% AMI, 20 units are set-aside for households at or below 50% AMI, 485 units are set-aside for households at or below 60% AMI, 96 units are set-aside for households at or below 80% AMI and 1 unit is set-aside for a property manager. The bond transactions and developments are described below:

Jordan Park Apartments (December 2021)

Jordan Park Apartments is located at 1245 Jordan Park Street South, St. Petersburg, Florida. A portion of the development is acquisition/rehabilitation and a portion of the Development includes demolition of existing structures and new construction of additional units. Currently, the site has 105 buildings which consist of 237 units, 103 residential buildings, and 2 non-residential buildings. Of the existing residential buildings, 94 buildings which house 206 units, will be renovated through a rolling rehabilitation. The remaining residential buildings, which house 31 units, is commonly referred to as the Historic Village or Senior Village. The Developer intends to demolish these buildings and construct one  three-story building which will contain 60 senior units post completion.  The Developer intends to construct a new maintenance building for the three-story building. Therefore, post construction completion, the Development will contain 266 units with 95 residential buildings and 3 non-residential buildings.  40 units will be set-aside for households at or below 30% Area Median Income (AMI) and 226 units will be set-aside for households at or below 60% AMI. Jordan Park is an existing Public Housing development that will be converted to Section 8 through HUD’s Section 18 program. The financing was a public-private partnership between HFA, KeyBank, Fannie Mae, RISE Jordan Park Apt. LLC, St. Petersburg Housing Authority, RBC Capital Markets, City of St. Petersburg, HUD and Norstar.

Palmetto Park Apartments (January 2022)

Palmetto Park Apartments is located at 1003 West Avenue, Clearwater, Florida. This is an acquisition/rehabilitation of 179 existing multifamily units. Income levels to be served include 89% of the units for households at or below 60% AMI. The financing was a public-private partnership between the HFA, Systima, Greenwood Apartments, LLC, the City of Clearwater, Pinellas County, Red Stone Equity Partners and HK Palmetto Developer, LLC.

Clear Bay Terrace Apartments (June 2022)

Clear Bay Terrace Apartments is located at 1770 N. Betty Lane, Clearwater, Florida. This is an acquisition/rehabilitation of 101 existing senior multifamily units. 20 units are set-aside for households at or below 50% AMI and 80 units will be set-aside for households at or below 60% AMI. One unit will be set-aside for on-site manager. There is a Project-Based Housing Assistance Payments contract with HUD which restricts the residents’ portion of the rent to 30% of their income. The financing was a public-private partnership between the HFA, Boston Capital, Florida Housing Finance Corporation, NHT Equity, LLC, Volunteers of America, and HUD.

Seminole Square Apartments (November 2022)

In November 2022, the HFA closed on the Seminole Square Apartments bond issue. Seminole Square Apartments is located at 2005 Seminole Blvd., Largo, FL. This is a new construction development of 96 units. 100% of the units are set-aside for households at or below 80% AMI. This development also has 45 project-based Section 8 vouchers provided from HUD through the St. Petersburg Housing Authority. The financing was a public-private partnership between the HFA, Bank OZK, Citi, Pinellas County, City of Largo, Raymond James, Seminole Square Developer, LLC, St. Petersburg Housing Authority and HUD.