Using Bond Financing With Local Resources to Produce Affordable Rental Housing Examples From Pinellas County:
Since forming Over 30 years ago, the Housing Finance Authority of Pinellas County has Shared Staff and Been Co- Located with the County’s Department of Community Development
Since forming Over 30 years ago, the Housing Finance Authority of Pinellas County has Shared Staff and Been Co- Located with the County’s Department of Community Development This has served to maximize coordination and joint funding on affordable rental housing projects in the County.
Bayside Court Apartments Developed by the Richman Group • 144 total units • 58 affordable units • 29 at < 50% AMI • 29 at < 60% AMI • 85 Market Rate Units
Bayside Court Apartments Unit Mix: (96) 1,022 SQ. FT. 2BR/2 BATH (48) 1,288 SQ. FT. 3BR/2 BATH Rent Amounts: (29) Low HOME Rent Limits (29) High HOME Rent Limits (85) Market $1,100 - $1,300/Month
Bayside Court Apartments Project Setting and Circumstances Encouraged and Enabled a Broad Partnership and Mix of Resources • Located in City of Largo Redevelopment District. • Project Site was Bank Owned Following Foreclosure Making It Eligible for the Use of NSP2 Resources. • Site Had Been a Former MHP that the City had Preciously Condemned and was vacant. • Created a Blighting Influence and Discouraged Redevelopment of the Surrounding Area.
Former Mobile Home Park Site with An Older Richman Group Project to the North
Bayside Court Apartments PROJECT FINANCING: • HFA Tax Exempt Bonds $10,250,000 • HFA, County, & Largo NSP2 $ 3,300,000 • Largo HTF Funds $ 400,000 • 4% Tax Credits $ 751,817 • Developer Equity $ 1,565,337 • Deferred GC Fee $ 429,580 • Deferred Developers Fee $ 2,843,775 TOTAL $19,504,509 Cost Per Unit = $135,448
Bayside Court Apartments
Bayside Court Apartments
Bayside Court Apartments
Bayside Court Apartments
Bayside Court Apartments Club House
Bayside Court Apartments Club House
Bayside Court Apartments Club House
Bayside Court Apartments Pool
Bayside Court Apartments Play Ground and Picnic Area
Bayside Court Apartments Well Appointed Apartments
Bayside Court Apartments Well Appointed Apartments
Pinellas Heights Senior Apartments
Pinellas Heights Senior Apartments Developed By: The Pinellas County Housing Authority in Partnership with Norstar Development, USA • Total Units 153 • (137) 1BR/1Bath • (16) 2BR/11/2 Bath Affordability: • (132) @ <50% AMI • (21) @ < 60%
Pinellas Heights Senior Apartments Project Financing: (Construction) • HFA Tax Exempt Bonds $12,500,000 • 4% Tax Credits (RBC) $ 1,975,000 • HUD PH Capital Fund $ 3,000,000 • Federal Home Loan Bank $ 1,000,000 • County Housing Trust Funds $ 1,245,000 • City of Largo SHIP $ 150,000 • PCHA Unrestricted Funds $ 1,500,000 TOTAL $21,370,000
Pinellas Heights Senior Apartments Project Financing: (Perm) • HFA Tax Exempt Bonds $ 5,775,000 • 4% Tax Credits $ 9,314,517 • HUD PH Capital Fund $ 3,000,000 • Federal Home Loan Bank $ 1,000,000 • County Housing Trust Funds $ 1,245,000 • City of Largo SHIP $ 150,000 • PCHA Unrestricted Funds $ 2,500,000 • Deferred Developer Fee $ 1,151,718 TOTAL $24,136,235
Pinellas Heights Senior Apartments Ground Breaking November 2012
Pinellas Heights Senior Apartments Ground Breaking November 2012
Pinellas Heights Senior Apartments
Pinellas Heights Senior Apartments
Pinellas Heights Senior Apartments
Pinellas Heights Senior Apartments
Pinellas Heights Senior Apartments Project is Planned for Completion in April 2014, With Lease-up by October 2014
BOOKER CREEK APARTMENTS
BOOKER CREEK APARTMENTS Located at 2468 13 th Ave. No. St. Petersburg Developed by the Richman Group 156 Total Units 63 at <60% AMI 93 between 80% and 120% AMI
BOOKER CREEK APARTMENTS PROJECT FINANCING: • HFA Tax Exempt Bonds $12,550,000 • St. Petersburg HOME $ 1,000,000 • St. Petersburg HTF $ 2,000,000 4% Tax Credits $ 750,000 • Developer Equity $ 1,000,000 • Deferred Developers Fee $ 1,915,054 TOTAL $19,215,054 Cost Per Unit = $123,173
BOOKER CREEK APARTMENTS
BOOKER CREEK APARTMENTS
BOOKER CREEK APARTMENTS
BOOKER CREEK APARTMENTS
BOOKER CREEK APARTMENTS
Viridian Apartments
Viridian Senior Apartments Developed By • 188 Total Units in an existing Senior Housing Development that underwent extensive renovation. • Combination of studio and one Bedroom Units • Renovations completed and facility re-opened on October 26, 2010
Viridian Senior Apartments PROJECT FINANCING: • HFA Tax Exempt Bonds $10,500,000 • St. Petersburg HTF $ 1,613,490 • St. Petersburg HOME $ 586,510 • 4% Tax Credits $ 6,299,693 • SAIL Loan $ 4,320,000 • Deferred Developer Fee $ 2,497,809 TOTAL $25,817,502
Viridian Senior Apartments On site amenities include: • Utilities included in rent • Energy Star Appliances and fixtures • Emergency Call service and check-in • Computer lab • Library • Fitness center • On-site Laundry Facilities • Carded security entry • Community garden
Viridian Senior Apartments
Closing Comments and Questions The utilization of Bond Financing for the development of affordable rental units is far more successful when local jurisdictions can help to fill the gaps, and when mixed income properties are encouraged. END
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