Pinellas County dedicates nearly $13 million to affordable housing projects
By Breanne Williams
Tampa Bay Business Journal
Published: May 9, 2023

Pinellas County will spend $13 million on four affordable housing projects that will total more than 300 new units.

Pinellas commissioners on Tuesday unanimously approved funding requests for four projects. Housing costs throughout the Tampa Bay region have skyrocketed in recent years, creating an unprecedented demand for affordable and attainable housing.

Burlington Post 2

Burlington Post 2, which Green Mills Group is developing, will bring 75 affordable units to senior residents at or below 80% area median income. The rental housing project at 3201 Burlington Ave. N in St. Petersburg is estimated to cost approximately $28.41 million.

Commissioners approved $3.75 million for the construction financing. The development is also receiving $4.255 million from the Florida Housing Finance Corp., $13.92 million from the Housing Finance Authority 4% Tax Credit Equity, $5.62 million from the St. Petersburg ERA2 American Rescue Plan Act and CRA and $852,086 from the Deferred Developer Fee.

Heritage Oaks

The Heritage Oaks project at 12455 130th Ave. N in Largo will bring 80 affordable units for senior residents at or below 60% AMI. The county will provide $3.36 million for construction costs. The project, which Newstar Development is developing, is the first phase of redeveloping the Rainbow Village public housing complex in the Greater Ridgecrest area.

The project is estimated to cost just over $28.98 million. Other funding sources include 9% Tax Credit Equity for $17.93 million, Raymond James Loan Proceeds for $6.5 million and the Deferred Developer Fee for $1.192 million. The county previously committed $610,000 to support the 9% housing tax credit application in 2021.

Lealman Heights

The Lealman Heights project on multiple parcels near 41st Street N, 58th Avenue N, 29th Street N and 56th Avenue N in the Lealman CRA is estimated to cost just over $23.58 million. Commissioners unanimously approved dedicating $2 million plus closing costs for construction financing for the project.

The Housing Finance Authority of Pinellas County acquired the properties in 2016 with Penny for Pinellas funding. The existing units on the site have been dedicated as affordable rental housing, and 12 new homes have been built on vacant lots by Habitat for Humanity. The new project, developed by SP Pinellas II, will bring 86 new units to the area, which will be dedicated to households with an income not to exceed 80% AMI.

Skyway Lofts 2

Commissioners also approved dedicating $3.4 million for the land acquisition and construction costs for Skyway Lofts 2 by Blue Sky Communities. The development will bring 66 new affordable apartments to St. Petersburg at 3800 34th St. S. The units will be set aside for households earning at or below 80% AMI.

The total development cost is expected to be approximately $22.99 million. Other funding sources include the Housing Finance Authority's 4% tax credit equity for approximately $12.83 million, the Deferred Developer Fee of $264,387 and support from the St. Petersburg American Rescue Plan Act funds for $6.5 million.