County: Since forming Over 30 years ago, the Housing Finance - - PowerPoint PPT Presentation

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

This has served to maximize coordination and joint funding on affordable rental housing projects in the 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

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

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

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

PROJECT FINANCING:

Bayside Court Apartments

• 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%

Project Financing: (Construction)

Pinellas Heights Senior Apartments

• 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

Project Financing: (Perm)

Pinellas Heights Senior Apartments

• 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

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

Pinellas Heights Senior Apartments

Project is Planned for Completion in April 2014, With Lease-up by October 2014

BOOKER CREEK APARTMENTS

Located at 2468 13th 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: BOOKER CREEK APARTMENTS

• 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