Affordable housing developers are seeking approval for more than $52.5 million in bond financing for 297 apartments in St. Petersburg, as developers and local governments assemble layered financing packages to preserve existing affordable housing and build new units.
Pinellas County commissioners will consider two financing packages Tuesday, including one that would combine construction of the 75-unit Hartford Apartments with rehabilitation of the 34-unit Saratoga Apartments near 32nd Avenue North.
That package includes up to $7.65 million in tax-exempt multifamily housing revenue bonds and up to $17.85 million in taxable bonds through the Housing Finance Authority of Pinellas County.
The financing structure also includes a letter of intent from J.P. Morgan to provide $25 million in tax-exempt construction-to-permanent financing, roughly $17.1 million in low-income housing tax-credit equity from Raymond James, $8 million in subordinate financing from the city of St. Petersburg and a $3.4 million seller loan from the St. Petersburg Housing Authority.
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Commissioners will also consider a separate financing package for the 188-unit Skye Isle Apartments, formerly known as Viridian, at 518 3rd Ave. S. The proposal would support rehabilitation of the property while restricting rents for 50 years to households earning at or below 60% of area median income.
That financing package includes additional state housing funds, city contributions, developer equity and tax-exempt bond financing through the Housing Finance Authority.
Skye Isle previously received approval for up to $36.73 million in bond financing in 2024, but the request was later reduced to $27 million after changes to federal eligibility thresholds tied to 4% low-income housing tax credits.
County documents state the bonds would be repaid through project revenue rather than county taxpayer funds.
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