housing finance authority of pinellas county …jul 01, 2020 · board meeting – july 1, 2020 –...

HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY

Board Meeting – July 1, 2020 – 3:00 pm 315 Court St., 4th Floor, Clerks Large Conference Room

Clearwater, FL 33756

AGENDA

1. CALL TO ORDER Pledge of Allegiance Introductions

2. PUBLIC COMMENTS 3. APPROVAL OF MINUTES

A. March 2020 4. TREASURER’S REPORTS

A. April 2020 1. General Fund 2. Housing Trust Fund 3. Land Assembly Fund

B. March 2020 1. General Fund 2. Housing Trust Fund 3. Land Assembly Fund

C. February 2020 1. General Fund 2. Housing Trust Fund 3. Land Assembly Fund

5. COMMUNICATIONS TO THE AUTHORITY

A. Tampa Bay CDC usage report - $100,000 loan 6. REPORTS BY STAFF

A. HFA Operations and Multi-Family Update – Kathryn Driver 1. Occupancy Report April 2. Occupancy Report March 3. Occupancy Report February 4. Occupancy Report January

B. Single Family Update – Karmen Lemberg C. Special Projects Update – Lolitha Stone

7. NEW BUSINESS

A. Lexington Club Apartments – Kathryn Driver and Bob Reid/Monique Spotts 1. Memo 2. Credit Underwriting Report 3. Resolution

a. Form of Trust Indenture b. Form of Loan Agreement

c. Form of Compliance Monitoring Agreement d. Form of Land Use Restriction Agreement e. Form of Fee Guaranty and Environmental Indemnity Agreement f. Form of Preliminary Official Statement g. Form of Bond Purchase Agreement

B. Proposed MBS Sale – David Jones and Bob Reid/Monique Spotts 1. Memo 2. Resolution

C. Single Family Housing Revenue Bonds, Series 2019A – Extension – David Jones and Bob Reid/Monique Spotts 1. Memo

a. Form of Direction Letter D. City of St. Petersburg Interlocal Agreement – Kathryn Driver and Mike Cronin

1. Memo 2. Proposed Interlocal Agreement 3. Resolution

E. Community Real Estate Development (CRED) Grant – Kathryn Driver 1. Memo 2. Request Letter 3. CRED Curriculum 4. Budget

F. Florida Association of Local Housing Finance Authorities (FLALHFA) Sponsorship Update – Kathryn Driver G. Renewal of Office Lease – Kathryn Driver

1. Lease and Amendments H. Executive Director Contract Renewal – Mike Cronin

8. BOARD MEMBER COMMENTS 9. ADJOURNMENT

Upcoming…

Next Meeting August 5, 2020 – 315 Court St., 4th Floor, Clerks Large Conference Room

Meeting materials that are not currently available in ADA compliant electronic format are available upon request. Contact Kathryn Driver 727-223-6418 or Karmen Lemberg 727-223-6419 or [email protected]

Persons are advised that, if they decide to appeal any decision made at this meeting/hearing, they will need a record of the proceedings, and, for such purposes, they may need to ensure that a verbatim record of the proceedings is made, which includes testimony and evidence upon which the appeal is to be based.

mailto:[email protected]

Clearwater, Florida, March 4, 2020 The Housing Finance Authority (HFA) Board of Pinellas County (as created by the Code of Ordinances of Pinellas County, Section 2-386) met in regular session in the Clerk’s Fourth Floor Conference Room, Pinellas County Courthouse, 315 Court Street, Clearwater, Florida, at 3:00 P.M. on this date with the following members present:

Robyn Fiel, Vice-Chairman Steven Beal, Treasurer Dennis Long, Secretary Paul Burroughs, Assistant Treasurer Kim Wagner, Assistant Secretary Also Present Kathryn Driver, Executive Director, HFA Karmen Lemberg, Director of Homeownership Programs and Operations, HFA Lolitha Stone, Special Programs Director, HFA Michael Cronin, Attorney, Johnson, Pope, Bokor, Ruppel & Burns, PA Debbie Berner, RBC Capital Markets Barbara Clark, Barbara Clark & Company Esther Nichols, The Nichols Group, PA Monique Spotts, Bryant Miller Olive, PA Tim Wranovix, Raymond James Other Interested Individuals Jenny Masinovsky, Board Reporter, Deputy Clerk

AGENDA

1. CALL TO ORDER Pledge of Allegiance Introductions

2. PUBLIC COMMENTS

Special recognition of Home for the Holidays winners 1st Place – Linda Kemp, Raymond James Bank 2nd Place – Matthew Buxton, Embrace Home Loans 3rd Place – Robby Sampson, The Mortgage Firm

3. APPROVAL OF MINUTES

A. Minutes of January 15, 2020 B. Minutes TEFRA Hearing Clear Bay Terrace February 4, 2020 C. Minutes TEFRA Hearing Creekside Manor I & II February 4, 2020

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March 4, 2020

4. TREASURER’S REPORTS A. Combined Reports October 2019 – January 2020

1. General Fund 2. Housing Trust Fund 3. Land Assembly Fund

5. COMMUNICATIONS TO THE AUTHORITY

A. Tampa Bay CDC Usage Report - $100,000 Loan

6. REPORTS BY STAFF A. HFA Operations and Multi-Family Update – Kathryn Driver

1. Occupancy Report B. Single Family Update – Karmen Lemberg C. Special Projects Update – Lolitha Stone

7. NEW BUSINESS

A. Appoint and Ratify Officers – Mike Cronin 1. Resolution (Action Item)

B. Fiscal Year 2018-19 Audit Report – Esther Nichols, The Nichols Group 1. Audit Report (Action Item) C. Amendment to Barbara Clark & Company Engagement Letter – Kathryn Driver 1. Amendment to Engagement Letter (Action Item) D. Florida Association of Local Housing Finance Authorities Sponsorship – Kathryn Driver 1. Letter and Sponsorship form for 2020 Educational Conference (Action Item) E. Consideration of Sale – Townhomes at Creek Park – Mike Cronin and Kathryn Driver (Action Item)

8. BOARD MEMBER COMMENTS

9. ADJOURNMENT CALL TO ORDER Vice-Chairman Fiel called the meeting to order at 3:00 P.M. and led the Pledge of Allegiance. At her request, those in attendance introduced themselves. A sign-in sheet and all documents provided to the Clerk’s Office have been filed and made a part of the record. PUBLIC COMMENTS Ms. Lemberg recognized Linda Kemp, Raymond James Bank, as the winner of the Home for the Holidays campaign, noting that she closed eight loans, and presented her with a certificate;

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March 4, 2020

whereupon, Ms. Kemp expressed appreciation for the program and thanked HFA staff for the partnership. Noting that second and third place campaign winners could not be present today, Vice-Chairman Fiel announced their names as follows: 2nd Place – Matthew Buxton, Embrace Home Loans 3rd Place – Robby Sampson, The Mortgage Firm Thereupon, Vice-Chairman Fiel wished a happy birthday to Kathryn Driver and Debbie Berner. MINUTES OF THE JANUARY 15, 2020 HFA MEETING; FEBRUARY 4, 2020 TEFRA HEARING, CLEAR BAY TERRACE; AND FEBRUARY 4, 2020 TEFRA HEARING, CREEKSIDE MANOR I & II – APPROVED Upon presentation by Vice-Chairman Fiel, Mr. Long moved, seconded by Mr. Beal and carried unanimously, that the minutes of the January 15, 2020 meeting be approved. Upon presentation by Vice-Chairman Fiel, Mr. Long moved, seconded by Mr. Burroughs and carried unanimously, that the minutes of the February 4, 2020 Tax Equity Fiscal Responsibility Act (TEFRA) hearing regarding Clear Bay Terrace be approved. Upon presentation by Vice-Chairman Fiel, Mr. Long moved, seconded by Mr. Beal and carried unanimously, that the minutes of the February 4, 2020 TEFRA hearing regarding Creekside Manor I and II be approved. TREASURER’S REPORTS – APPROVED Housing Trust Fund – October 2019 through January 2020 Mr. Beal presented the HFA Housing Trust Fund financial statements for the months of October 2019 through January 2020; whereupon, he reviewed the January Cash Roll Report and moved, seconded by Mr. Long and carried unanimously, that the reports be approved. Land Assembly Fund – October 2019 through January 2020 Mr. Beal presented the HFA Land Assembly Fund financial statements for the months of October 2019 through January 2020; whereupon, he reviewed the January Cash Roll Report and moved,

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March 4, 2020

seconded by Mr. Burroughs and carried unanimously, that the reports be approved. General Fund – October 2019 through January 2020 Mr. Beal presented the HFA General Fund financial statements for the months of October 2019 through January 2020; whereupon, he reviewed the January Cash Roll Report and moved, seconded by Mr. Long and carried unanimously, that the reports be approved. COMMUNICATIONS TO THE AUTHORITY Tampa Bay Community Development Corporation (CDC) Usage Report – $100,000 Loan Ms. Driver related that a monthly report detailing usage of the loan with Tampa Bay CDC is included in the agenda packet. Ms. Driver explained that a usage report regarding the $60,000 loan with Clearwater Neighborhood Housing Services (CNHS) is not included in the packet; and that CNHS does not intend to ask for a loan extension and will instead return the funds. Responding to queries by the members, she related that she expects to receive the payment today; and that CNHS is working with its partners to regroup and make plans to reestablish the down payment assistance program. REPORTS BY STAFF HFA Operations and Multi-Family Update Ms. Driver related that multi-family occupancy reports are included in the agenda packet; that a tracking spreadsheet of projects is now available on SharePoint; and that the members will be notified of any updates; whereupon, she reported on the following matters and responded to queries by the members: • Projects in review for Penny III carry-forward funds • Penny IV funds allocation and application process • HFA annual reports and TEFRA hearings on the Board of County Commissioners March 10

meeting agenda • Meeting with Vanessa McCleary, Housing and Community Development, City of Tampa • Lealman Heights community property

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March 4, 2020

• Phase III of Preserves at Clam Bayou • City of Largo density bonus program • Faith and Action for Strength Together Nehemiah Action event • Florida Association of Local Housing Finance Authorities and National Association of Local

Housing Finance Authorities conferences Ms. Driver noted that she recently celebrated six years with the HFA; and that staff would like to wish Mr. Long a belated happy birthday. She reminded everyone that the HFA has an open-door policy. Single Family Update Ms. Lemberg referred to the Single Family Program Update memorandum included in the agenda packet and reported that 15 loans were added since the last update in January; and that the interest rates on government and conventional loans were lowered to 3.875 percent and 4.125 percent, respectively; whereupon, she related that the No Place Like Home show will air tomorrow and feature Pinellas County Community Development Specialist Jody Curry discussing the County’s down payment assistance program. Special Projects Update Ms. Stone reported that a house on Valencia Circle in Safety Harbor went up for sale on February 27; that financial literacy workshop sessions for Ready for Life program participants lead by Regions Bank have begun and are successful; and that she and Ms. Lemberg will be conducting an inspection of the Tieman Village project. Responding to query by Ms. Wagner, she clarified that it is a compliance inspection, and Mses. Lemberg and Driver provided details. NEW BUSINESS Appointment and Ratification of Officers RESOLUTION NO. 2020-03 ADOPTED RATIFYING AND APPROVING THE APPOINTMENT OF OFFICERS OF THE HOUSING FINANCE AUTHORITY OF PINELLAS COUNTY, FLORIDA Attorney Cronin introduced the item; whereupon, following brief discussion, Mr. Long moved, seconded by Ms. Wagner, that the following appointments be ratified and approved:

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March 4, 2020

Robyn Fiel, Chairman Steven Beal, Vice-Chairman Kim Wagner, Treasurer Dennis Long, Secretary Paul Burroughs, Assistant Treasurer/Secretary Ms. Lemberg indicated that designations of staff Officers are as follows: Kathryn Driver, Executive Director, Assistant Secretary Karmen Lemberg, Director of Homeownership Programs and Operations, Assistant Secretary Lolitha Stone, Special Programs Director, Assistant Secretary Upon the Chairman’s call for the vote, the motion carried unanimously. Fiscal Year 2018-2019 Audit Report Esther Nichols, The Nichols Group, PA, referred to a document titled Fiscal Year 2018-2019 Independent Auditor’s Reports, Financial Statements, and Required Supplementary Information, September 30, 2019 included in the agenda packet, and indicated that the audit was clean; and that all of the compliance reports reflect that there were no findings and no recommendations. She provided an overview of the major components of the document; whereupon, she thanked HFA and Barbara Clark & Company staff for their professionalism and courtesy during the course of the audit. In response to queries by the members, Ms. Nichols indicated that all prior year findings have been corrected and reflected on the last set of auditor reports; and that after the audit is approved by the Board, it will be forwarded to the Auditor General’s Office and to the County for approval, and Ms. Driver provided input regarding the investment income for bond programs. Mr. Burroughs moved, seconded by Mr. Long and carried unanimously, that the audit report be accepted. Amendment to Barbara Clark & Company Engagement Letter Ms. Driver referred to the Addendum to Engagement letter with Barbara Clark & Company, PA, and the original engagement letter included in the agenda packet, and related that the company does all accounting services for the Authority; and that the addendum extends the current engagement period through the next three fiscal years and sets forth fee changes prompted by additional work assumed by the company over the last year. She noted that future fees would be adjusted based on the scope of work; and that a 60-day termination clause is included.

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March 4, 2020

Ms. Driver remarked that Ms. Clark and her team are experts in governmental accounting and played an important role in organizing and preparing the HFA books for a clean audit in the past; and that it is more efficient to retain an outside accounting firm in order to comply with internal controls. During discussion and responding to queries by Attorney Cronin, Ms. Clark provided information concerning the changes in services and fees, indicating that they pertain to the bond program; and that other services and fees remain unchanged. Mr. Long remarked that he will be voting against the 43-month extension to the contract without information in the record to support the amount of the requested additional fees, and Attorney Cronin indicated that he will conduct an informal market rate analysis. Mr. Beal moved, seconded by Mr. Burroughs, that the addendum to the engagement letter with Barbara Clark & Company be approved, and the motion carried 4 to 1, with Mr. Long casting the dissenting vote. Florida Association of Local Housing Finance Authorities (ALHFA) Sponsorship Ms. Driver referred to a document regarding the 2020 Florida ALHFA Educational Conference and sponsorship levels included in the agenda packet, and noted that the Pinellas HFA is one of the leading Authorities in the State; and that she is a Florida ALHFA Board member; whereupon, she recommended a Platinum Level sponsorship of the conference, and discussed the benefits afforded thereunder. Responding to query by Mr. Beal, she indicated that the event is in Sarasota; and that the HFA is one of the coordinators. Mr. Burroughs moved, seconded by Mr. Long, that the HFA sponsor this year’s Florida ALHFA conference at the recommended Platinum Level. Upon call for the vote, the motion carried unanimously. Consideration of Sale – Townhomes at Creek Park Attorney Cronin provided background information regarding the Community Housing Program, land trusts, the Creek Park Land Trust project, and the relationship between the HFA and Bright Community Trust (BCT). He related that BCT has listed 12 units of Townhomes at Creek Park for sale outside of affordable housing requirements and without the HFA’s consent, noting that the HFA and BCT are 49- and 51-percent beneficiaries, respectively; and that pursuant to a compliance monitoring agreement between the organizations, HFA has the first right of refusal.

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March 4, 2020

Ms. Driver indicated that the project received U.S. Department of Housing and Urban Development (HUD) grant proceeds of $1.8 million as part of its Neighborhood Stabilization Program 2 stimulus program; and that a recapture by HUD would take place upon a sale; whereupon, Attorney Cronin explained the issues arising from the potential sale of the property and options available to the HFA, and discussion ensued. Responding to queries by the members, Ms. Driver indicated that of the 27 project units, 10 are set aside as affordable, and 17 as market rate. Attorney Cronin explained how BCT may benefit from the sale and discussed the HFA’s option to exercise the right of first refusal, indicating that without additional information, he is not in a position to recommend that the Board either approve the sale or waive the right of first refusal. Discussion ensued; whereupon, Mr. Burroughs suggested tabling the matter. Mr. Long moved, seconded by Ms. Wagner and carried unanimously, that the Board deny the request to approve the sale of 12 Townhomes at Creek Park units by BCT. Thereupon, Mr. Long moved, seconded by Mr. Beal and carried unanimously, that the Board defer discussion on the right of first refusal to the April meeting. Following further discussion, Mr. Long moved, seconded by Mr. Burroughs and carried unanimously, that should the sale occur, Johnson, Pope, Bokor, Ruppel & Burns, PA be authorized to evaluate the HFA’s options and incur time and expenses to prepare pertinent pleadings for potential litigation to be presented at the next meeting. BOARD MEMBER COMMENTS In response to query by Mr. Long, Ms. Driver described her efforts in educating legislators regarding the Sadowski Fund, and indicated that the Florida Governor and Senate are in support of utilizing it for affordable housing as intended, but the House of Representatives has proposed using 50 percent of the funds for other purposes. ADJOURNMENT The meeting was adjourned at 4:19 P.M.

Secretary/Treasurer

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H.F.A. OF PINELLAS COUNTY $100,000 REVOLVING LOAN TAMPA BAY COMMUNITY DEVELOPMENT USAGE REPORT 10/2019 – 9/2020

DATE DESCRIPTION TYPE CR DR HFA REV FUND CASH BALANCE

10/1/19 Unused 10/1/2019 $52,000

10/1/2019 Largo Reimbursement Nieves $25,000 $77,000

10/17/2019 DPA-Largo Zukowski $25,000 $52,000

11/30/2019 No Activity $52,000

12/11/2019 Largo Reimbursement Zukowski $25,000 $77,000

12/11/2019 Clearwater Reimbursement Martinez $20,000 $97,000

1/13/2020 Pinellas Community Foundation

Kyle Craft

$3,000 $100,000

2/29/2020 No Activity $100.000

3/31/2020 No Activity $100,000

4/30/2020 No Activity $100,000

5/30/2020 No Activity $100,000

PINELLAS COUNTY PROJECTS STATUS AS OF 4/30/2020

MONTHLY REPORTS

PROJECTS UNITS OCC (ACT) LOW OCC (ACT)

% LOW INCL VAC LOW

% OCC (ACT)

% OCC CHANGE

Alta Largo* 288 246 58 20% VL 85% -2%

Bayside Court 144 142 58 40% 99% +1%

Boca Ciega Townhomes 109 109 109 100% 100% +2%

Booker Creek 156 153 63 41% 98% +2%

Clearwater Apartments 90 89 89 100% 99% -1%

James Park 82 81 81 100% 99% 0%

Oceanside Estates 104 103 103 99% 99% 0%

Pinellas Heights 153 151 151 100% 99% 0%

Viridian (Columbian 188 184 184 100% 98% 0%

*Alta Largo is required to have a minimum of 20% Very Low Income Adjusted to Family Size.

PINELLAS COUNTY PROJECTS STRATUS AS OF 4/30/2020

ANNUAL REPORTS

PROJECTS UNITS REPORTING STATUS

Ashley Place 55 Reports in September next report due 10/2020

Boardwalk 36 Reports in September next report due 10/2020

Cypress Pointe 26 Reports in September next report due 10/2020

HEP West 32 Reports in December next report due 1/2021-28 certified units required

Magnolia Court 26 Reports in December next report due 1/2021

Oak Ridge Estates 62 Reports in March next report due 4/2021-8 certified units required

Santo’s Isle 50 Reports in June next report due 7/2020

Tarpon Village aka Sunrise Place 36 Reports in September next report due 10/2020

Townhomes at Creek Park 27 OCC (ACT) - 25 LOW OCC (ACT) - 0 %LOW INCL VAC LOW - 37% % OCC ACT - 93%

Transfiguration Manor 68 Reports in June next report due 7/2020-5 certified units required

SELTZER MANAGEMENT GROUP, INC.

Pinellas County Bond Occupancy Report

Period Ending 4/30/2020

Property Project ID County Total Units

Total Occup

% Occup Total Cert

Low Inc Cert Units

Total % Low Income

Min Low Inc % Req

Comments/ Checked By Unit

Lutheran Apartments

Series 2019A-B Pinellas 225 170 75.6% 117 95 42.2% 40.0% NJB/COUNTY BOND SEE COMMENT

Woodlawn Trail

Series 2018 Pinellas 80 80 100.0% 80 80 100.0% 40.0% LJL/COMMENT: LINK 3

Lutheran Apartments: County Bonds Closed 8/29/2018, 53 MR units and 45 MRV units. 117 units certified.


MONTHLY REPORTS


% LOW INCL VAC LOW

% OCC (ACT)

% OCC CHANGE

Alta Largo* 288 251 58 20% VL 87% -1%

Bayside Court 144 141 58 40% 98% -1%

Boca Ciega Townhomes 109 107 107 100% 98% -2%

Booker Creek 156 149 63 40% 96% -3%

Clearwater Apartments 90 90 90 100% 100% 0%

James Park 82 81 81 100% 99% +1%

Oceanside Estates 104 103 103 100% 99% +1%

Pinellas Heights 153 152 152 100% 99% +1%

Viridian (Columbian 188 184 184 100% 98% +1%



ANNUAL REPORTS





HEP West 32 Reports in December next report due 1/2021


Oak Ridge Estates 62 61 - OCC (ACT) 61 - LOW OCC (ACT) 98% - % LOW INCL VAC LOW 98% - % OCC (ACC)



Townhomes at Creek Park 27 25 – OCC (ACT) 0 – LOW OCC (ACT) 37% - % LOW INCL VAC LOW 93% - % OCC (ACT)

Transfiguration Manor 68 Reports in June next report due 7/2020 only required to have 5 certified units





Total Occup

% Occup Total Cert

Low Inc Cert Units

Total % Low Income

Min Low Inc % Req


Lutheran Apartments

Series 2019A-B Pinellas 225 171 76.0% 117 94 41.8% 40.0% NJB/COUNTY BOND 54 MR and 54 MRV Units; MMRB & HOME: 86 MR and 27 MRV Units.

Woodlawn Trail


Lutheran Apartments: County Bonds Closed 8/29/2018, 42 MR units and 52 MRV units.


MONTHLY REPORTS


% LOW INCL VAC LOW

% OCC (ACT)

% OCC CHANGE

Alta Largo* 288 254 58 20% VL 88% -4%

Bayside Court 144 142 58 40% 99% 0%


Booker Creek 156 155 63 40% 99% +1%

Clearwater Apartments 90 90 90 100% 100% +1%

James Park 82 80 80 100% 99% +4%


Pinellas Heights 153 150 150 100% 98% -2%

Viridian (Columbian 188 183 183 100% 97% -1%



ANNUAL REPORTS







Oak Ridge Estates 62 Reports in March next report due 4/2020 only required to have 8 certified units



Townhomes at Creek Park 27 Reports in March next report due 4/2020






Total Occup

% Occup Total Cert

Low Inc Cert Units

Total % Low Income

Min Low Inc % Req


Lutheran Apartments

Series 2019A-B Pinellas 225 173 76.9% 131 108 48.0% 40.0% NJB/COMMENT: CB PROPERTY HAS 42 MR AND 52 MRV UNITS, MMRB & HOME THERE ARE 74 MR UNITS AND 28 MRV UNITS.

Woodlawn Trail


Lutheran Apartments: County Bonds Closed 8/29/2018, 42 MR units and 52 MRV units.


MONTHLY REPORTS


% LOW INCL VAC LOW

% OCC (ACT)

% OCC CHANGE

Alta Largo* 288 265 58 20% VL 92% -2%

Bayside Court 144 142 58 40% 99% +1%


Booker Creek 156 153 63 40% 98% +0%

Clearwater Apartments 90 89 89 100% 99% +1%

James Park 82 77 77 100% 94% -1%


Pinellas Heights 153 153 153 100% 100% +1%

Viridian (Columbian 188 185 185 100% 98% -1%



ANNUAL REPORTS







Oak Ridge Estates 62 Reports in March next report due 4/2020 only required to have 8 certified units



Townhomes at Creek Park 27 Reports in March next report due 4/2020






Total Occup

% Occup Total Cert

Low Inc Cert Units

Total % Low Income

Min Low Inc % Req


Lutheran Apartments

Series 2019A-B Pinellas 225 174 77.3% 139 131 58.22% 40.0% NJB/*

Woodlawn Trail

Series 2018 Pinellas 80 79 98.8% 80 8 10% 40.0% LJL/COMMENT: LINK 3

Lutheran Apartments: County Bonds Closed 8/29/201/8, 74 MR units and 24 MRV units.

Memorandum

Housing Finance Authority 26750 US Highway 19 N., Suite 110 Clearwater, FL 33761 Phone: 727-223-6418

TO: Robyn Fiel, Chairman And Members of the Housing Finance Authority FROM: Karmen Lemberg, Director of Homeownership Programs and Operations SUBJECT: Single Family Program Update DATE: July 1, 2020 Below are the numbers for the continuous lending program 2020A as of June 11, 2020

Stage June # of Loans Investor/Trustee $7,842,996 51 Pooled $0 0 Purchased by Servicer $509,143 4 eHP Compliance $110,907 1 Underwriter Certification $580,770 4 Reserved $746,848 3 Total $9,588,244 63

The program is experiencing a slowdown, as expected. We added 21 loans since our last meeting in March and lenders are reporting business is picking up quickly. The April, May and June MBS pool purchases went well, and we expect to do another MBS pool purchase the week of July 6th. As a reminder we are currently purchasing the MBS pools from the Master Servicer via the FHLB Line of Credit and warehousing the MBS pools until we are ready for our next single-family bond issue. The Pinellas Realtor Organization (PRO) has been holding virtual training classes and opened the classes up to all real estate agents (agents) in the surrounding area. The agents do not have to be a member of PRO to participate. The first week we sponsored 3 classes and reached 160+ attendees. The April 27th class had over 400 participants. The class for May 27th had 45 attendees. The HFA recently sponsored two additional classes and I had the opportunity to speak to agents again about our program. I continue to sign up for sponsoring classes as they become available. This is an excellent way to reach real estate agents. The No Place Like Home show is on hold for now. Between COVID-19 and building remodeling at the Communications Department it may be late in the year before we are able to start up again.

Memorandum Housing Finance Authority 26750 US Highway 19 N., Suite 110 Clearwater, FL 33761 Phone: 727-223-6418

TO: Robyn Fiel, Chairman And Members of the Housing Finance Authority FROM: Lolitha Stone SUBJECT: Updates on Special Programs DATE: July 1, 2020

• Community Land Trust updates: o 3 Valencia Circle sold on 3/30. o An email was sent to all the owners advising we are currently working remote, but still

available via email and phone. o The 2020 Summer Newsletter for homeowners will be sent in July. o Electrical repairs were completed on 6/8/2020 for the Oakwood rental. o An email was sent to all homeowners and renters about the Pinellas Cares Financial

Assistance Program.

• The Financial Workshops with Regions and Ready for Life (RFL) are currently on hold due to the COVID19.

o The staff at Regions is ready to resume as soon as business is back to normal. o The staff at RFL is currently remote, but still helping young adults in need during this time.

In 2019: ▪ 93% of the young adults successfully completed a one-year lease establishing

positive rental history. ▪ 100% of the young adults participated in the Financial Literacy and Credit

Education Training. ▪ 100% of the young adults that entered the program while homeless were assisted

with temporary and immediate housing options. o An email was sent to the RFL staff about the Pinellas Cares Financial Assistance

Program.

• The inspection for Tieman Village has been postponed until further notice.

Ready for Life – Update 2019 Maintained Apartment Leases (Long term goal of the project is 85% of young adults funded will successfully complete one-year lease establishing positive rental history) At Ready for Life, 93% of our young adults funded through this program successfully completed one-year lease establishing positive rental history.

• 54 young adults successfully completed their lease.

• 4 young adults out of 94 requests for any assistance did not successfully complete their lease either due to eviction or leaving before leasing up.

The number of young adults assisted in 2019:

• Electric Bills: 18

• Water Utility: 9

• Deposits: 11

• Rental: 52

• Temporary Housing (Motel Stay): 4 2019 Financial Literacy Training (Long term goal of the project is 100% of young adults funded will participate in financial literacy and credit education training aimed at increasing credit score and 70% will positively increase credit score and/or establish a checking/saving account within the year of program participation.) At Ready for Life, 100% of the young adults receiving funding through this program participated in our Financial Literacy and Credit Education Training. Every participant gained useful knowledge from the training, with many raising their credit score enough to open bank accounts, receive car loans and enter into lease agreements. 86 young adults for 2019 attended and completed a Financial Literacy Course that covered the basics of Banking, starting a bank account, credit reports, Student loans, budgeting and much more! Ready for Life partnered with Regions Bank, Wells Fargo and Freedom Bank to assist our young adults with the tools they can use to help them on their successful financial wealth Journey. Every young adult is given information on how to start a bank account, and every young adult creates a realistic budget in class to get a close comparison on what their spending looks like monthly. June 2020, Ready for Life will be partnering with Suncoast Voices to present Opportunity Passport that will match 10 to 15 young adults, ages 18 to 26 young adults with a mentor in creating a financial saving plan. The young adult will have material to overlook and course work to complete. This Program will consist of 4 sessions, 2 hours in length and it will all happen virtually. The program goal is to help young people save money towards a specific goal. They might want to buy a car, make a down payment on a home or take a trip, this program helps create a savings structure and then matches the funds saved by the young adult. Mentors will also work with the young adult on an individual level to talk about their financial concerns, educate them on how the financial choices they make today impact them tomorrow. 2019 GED/Secondary/Post-Secondary/Employment Status

(Long term goal of the project is 85% of young adults will successfully maintain secondary or post-secondary education or obtain a GED or obtain/maintain employment, depending on individualized plan.) At Ready for Life, 87% of our young adults are successfully maintaining secondary or post-secondary education or have obtained their GED or maintain employment. Employment:

• 42 young adults were already employed

• 19 young adults were not employed

• 10 out of 19 young adults obtained jobs after receiving assistance

• 8 young adults were full-time students and is receiving funding through Postsecondary Education Services and Support (PESS)

GED/ Post-secondary:

• 49 young adults had already obtained GED/High-school diploma before receiving assistance

• 11 young adults are enrolled in Post-secondary education or enrolled in GED

• 9 young adults do not currently have GED/High-school diploma or is not enrolled in post-secondary

• 2 young adults obtained their B.A. Ready for Life serves as a learning lab to those who are, working towards a GED, testing for ASVAB, SAT, collage course assistance and more. RFL, provides tutors for young adults in need individual attention. 2019 Homelessness Preventative Updates (Long term goal of the project is 100% of the young adults entering the program while experiencing homelessness will be assisted in securing housing options, including temporary/immediate options.) At Ready for Life, 100% of young adults entering our program that are experiencing homelessness receive assistance in securing housing options, including temporary/immediate options. Ready for Life partners with The Homeless Leadership Alliance, and our employee Shane Villalpando is a member of the Homeless Leadership Alliance Board of Directors. His position allows Ready for Life to be connected and collaborate on ideas and get firsthand information on shelter placements and any county changes. When a young adult informs RFL staff they are homeless, the first step is to get them screened through the HLA navigator to score their level of homelessness or to call 211 to screen them for emergency funding. Partnerships with HLA, Street Outreach, 211, Pinellas County Housing Authority and The Family Service Initiative program, serve our young adult as a direct resource for a crisis or in the time of need. The collaborative result leads to shelter placement, moving in with a friend temporarily or securing their own apartment. A glimpse of the impact WE make! # of young adults assisted for the year 2019: 94 # of young adults assisted had children 2019: 19


TO: Robyn Fiel, Chairman

And Members of the Housing Finance Authority

FROM: Kathryn Driver, Executive Director

SUBJECT: Consideration of an Interlocal Agreement between the Housing Finance Authority of Pinellas

County and the City of St. Petersburg for administration of the Penny for Pinellas Land

Assembly Program

DATE: July 1, 2020

RECOMMENDATION: Staff recommends that the Housing Finance Authority (Authority) approve an

Interlocal Agreement between the Authority and the City of St. Petersburg (City) for administration of the City

of St. Petersburg Penny for Pinellas Land Assembly Program.

BACKGROUND: The Interlocal Agreement sets forth the role and responsibilities of the Authority to administer

the City’s Penny for Pinellas Land Assembly Program for affordable housing. The Resolution directs HFA staff

and counsel to finalize the Interlocal Agreement with City staff and counsel. Once the Interlocal Agreement is

finalized, the Chairman is authorized to execute the Interlocal Agreement on behalf of the Authority and the final

Interlocal Agreement will be presented to the City of St. Petersburg City Council at a later date for their

consideration.

RESOLUTION No. 2020 - __

A RESOLUTION OF THE HOUSING FINANCE AUTHORITY OF

PINELLAS COUNTY, FLORIDA AUTHORIZING AND APPROVING AN

INTERLOCAL AGREEMENT FOR AFFORDABLE HOUSING LAND

ACQUISITIONS WITH THE CITY OF ST. PETERSBURG, FLORIDA

RELATING TO THE “PENNY PROGRAM”; DELEGATING AUTHORITY

TO IMPLEMENT THESE ACTIONS; AUTHORIZING ADDITIONAL

REQUIRED ACTIONS AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the Florida Housing Finance Authority Law, which is codified in Florida

Statutes chapter 159, part IV (collectively, the “Act”) authorizes the creation of a housing finance

authority for each county in Florida to assist in relieving the shortage of housing available at prices

or rentals that many persons and families in that county can afford.

WHEREAS, on October 26, 1982, the HFA was established to serve Pinellas County,

Florida, (the “County”) pursuant to the Act and County Ordinance No. 82-32.

WHEREAS, Penny for Pinellas is a one-cent local option sales surtax program enacted in

the County pursuant to Florida Statures subsection 212.055(2) for the financing, planning, and

construction of infrastructure in the County (collectively, the “Penny Program”). Voters in

County-wide referendums have approved four consecutive rounds of the Penny Program, running

from 1990–1999, 2000–2009, 2010–2019, and 2020–2029, respectively, with approval of the

fourth round occurring in November 2017.

WHEREAS, Florida Statutes subsection 212.055(2)(d)(1)(e) authorizes the use of Penny

Program revenue for the acquisition of land for affordable residential housing projects in

accordance with certain conditions set forth in that subsection.

WHEREAS, on June 15, 2017, pursuant to resolution 2017-378, the City Council of the

City of St. Petersburg, Florida, (the “City Council”) adopted a plan for the use of City revenue

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from the fourth round of Penny Program that included a $15 million line item for affordable

housing, as part of the representative project list attached to that resolution.

WHEREAS, subsequently, on July 19, 2018, pursuant to resolution 2018-385, the City

Council established a policy for the use of the revenue from the fourth round of Penny Program

designated by the City for the support of affordable housing. Specifically, this policy establishes

(i) a spending goal of at least $15 million for the acquisition of land for affordable residential

housing projects and (ii) affordability goals for the units located on that land that are based on

household income levels.

WHEREAS, pursuant to a series of interlocal agreements between the HFA and the County,

the most recent of which is dated May 19, 2015, the HFA uses County revenue from the Penny

Program to acquire land for affordable housing purposes. Once acquired, the land is placed in trust

for the benefit of the County, with the HFA serving as trustee. This program was approved through

a bond validation proceeding, the final judgment for which was entered on August 28, 2008, and

recorded in Pinellas official records book 16368 at page 14.

WHEREAS, the Act authorizes the HFA to operate within the territorial limits of the City,

and the City believes that it would serve a valid municipal purpose to establish a City–HFA

program that is similar to the County–HFA program described in the preceding recital.

NOW, THEREFORE, be it resolved by the Housing Finance Authority of Pinellas County,

Florida:

Section 1. Authority for Resolution. This Resolution is adopted pursuant to the

provisions of the Act, the rules of the Authority and other applicable provisions of law and the

Authority and its members have full authority to carry out the purposes of Act.

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Section 2. Approval of Interlocal Agreement. By execution hereof the Authority is

authorized to enter into the Interlocal Agreement by and between the Authority and the City of St.

Petersburg, Florida, substantially in the form attached as Exhibit A to this Resolution, with such

changes and modifications as approved by the Executive Director and counsel to the Authority, the

terms of which are incorporated herein by reference. Any member of the Authority or the

Authority's Executive Director is hereby authorized to execute and/or attest the Interlocal

Agreement, substantially in the form attached as Exhibit A. All actions of the Authority, its

representatives, employees, counsel and agents in relation to the preparation and negotiation of the

Interlocal Agreement are hereby ratified, confirmed and approved.

Section 3. Severability. If any section, paragraph, clause or provision of this

Resolution shall be held to be invalid or ineffective for any reason, the remainder of this Resolution

shall continue in full force and effect, it being expressly hereby found and declared that the

remainder of this Resolution would have been adopted despite the invalidity or ineffectiveness of

such section, paragraph, clause or provision.

Section 4. Headings Not Part of Resolution. Any headings preceding the text of the

several sections of this Resolution shall be solely for convenience of reference and shall not

constitute a part of this Resolution, nor shall such headings affect the meaning, construction or

effect of this Resolution.

Section 5. Compliance With Law. The Authority has complied with all requirements

of law in connection with the adoption of this Resolution, including, without limitation, all

applicable provisions of the Act. All formal actions of the Authority concerning and relating to

the adoption of this Resolution were taken in an open meeting of the members of the Authority

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and all deliberations of the members of the Authority and of its committees, if any, which resulted

in such formal actions were taken in meetings open to the public, in full compliance with legal

requirements.

Section 6. Conflicting Resolutions Repealed. All resolutions of the Authority in

conflict, in whole or in part, with the provisions of this Resolution are, to the extent of such conflict,

hereby superseded and repealed.

Section 7. Effective Date. This Resolution shall become effective immediately upon

its adoption, approved and adopted by the Housing Finance Authority of Pinellas County, Florida

this _____ day of ____________, 2020.

HOUSING FINANCE AUTHORITY OF

PINELLAS COUNTY, FLORIDA [SEAL]

By:

Chairman

ATTEST:

Secretary MTC/ej/6272510v1


TO: Robyn Fiel, Chairman

And Members of the Housing Finance Authority

FROM: Kathryn Driver, Executive Director

SUBJECT: Consideration of a grant to the 2020 CRED Program

DATE: July 1, 2020

RECOMMENDATION: Staff recommends that the Housing Finance Authority (Authority) approve a grant in

the amount of $15,000 to assist in the program design, marketing and implementation of the 2020 CRED Program.

BACKGROUND: The John Scott Daily Florida Institute of Government (FIOG) at the University of South

Florida has offered the Certificate in Real Estate Development (CRED) program at USF to provide practical

training for local community professionals to grow catalytic leadership to revitalize underserved communities.

The Authority has been a supporter of this program since its inception and the Authority has a presence on the

Steering Committee as well as sponsor recognition throughout the program and on the FIOG CRED website. This

grant amount is included in the Authority’s 2019/20 approved budget.

March 18, 2020

Kathryn Driver, Executive Director

Housing Finance Authority of Pinellas County

26750 US Highway 19 N., Suite 110

Clearwater, FL 33761

Dear Kathryn,

On behalf of the University of South Florida, Certificate in Community Real Estate Development

(CRED) Program, thank you for your continued support and long-standing partnership with the John

Scott Dailey Florida Institute of Government (FIOG). Through our collaborative partnership, the CRED

program has been able to provide training to over 300 local community development practitioners,

community development corporations, faith-based organizations, local governments and other

community-based organizations.

Over the years, your financial contributions have enabled the CRED graduates to impact our

communities through their increased knowledge and understanding of Community Real Estate

Development. Enclosed for your review is the 2020 CRED application, brochure and curriculum

outline.

We are requesting your on-going annual financial contribution of $15,000 from the Housing Finance

Authority of Pinellas County to assist in the program design, marketing and implementation of the 2020

CRED Program.

Thank you in advance for your continued support of this worthy program. If you have any questions or

need any additional information, please feel free to contact me. I look forward to hearing from you

soon.

Warmest Regards,

Angela Crist, MPA

Director

CURRICULUM

The Community Real Estate Development (CRED) program mission creates effective development leadership for long term community benefits. The

CRED purpose provides professionals with opportunities to problem-solve local market issues while providing exposure to local, seasoned

practitioners at an affordable cost with support from a steering committee of dedicated professionals which connect the program to the market.

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Week 1: Introduction to CRED and Setting the Stage March 5, Friday Afternoon Presentation:

History of Community Development by Liz Strom, Associate Professor, USF Speakers may also include Angela Crist, John Talmage & Jeff Burton

CRED Session objectives: • CRED team and fellow classmate introductions. • The Community Development story. • CRED program and mission. • Capstone projects:

o Presentation. o Selection.

• Capstone project teams. • Role playing activity.

March 6, Saturday Morning Presentations:

The Big Picture by John Talmage Presentation Skills by Jeff Burton

CRED Session objectives: • The community development universe. • Your community development role. • Getting your story across.

Lunch Presentation: CRED Alum

Afternoon Presentation Basic Skills in Real Estate Development by Ed Johnson, East Tampa CRA

CRED Session objectives: • Developer and the development team roles. • Community real estate development process. • Development challenges. • Local community development environment dynamics. Team Activity • follow a sample project from start to finish (former student presentation). • Understand your project - the Twitter Description. • Assign team roles and responsibilities

CURRICULUM




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Week 2: Basic Skills March 13, Friday Afternoon Presentation:

Land Use Site Selection by Philippe Beau CRED Session objectives: • Site selection and land planning principles. • Project feasibility impact by local, state, and federal regulations. • Site control. • Site planning & design issues. Team Activity: • Formulate development concepts. • Determine the initial feasibility of your development concepts and associated barriers. • Determine pre-development needs.

March 14, Saturday Morning Presentations:

The Role of the Federal Regulatory Community by Lisa Mifflin CRED Session objectives: • Understand the bank’s investment responsibility in community development projects. • How to navigate the Community Development side of a national bank. • When do you work with Community Reinvestment Act (CRA) advocate organizations?

Lunch Presentation: CRED Alum Afternoon Presentation

An introduction to Market Analysis by John Talmage Pro Forma Introduction by Jeff Burton

CRED Session objectives: • Learn how to navigate on-line market analytic tools. • How to pose the questions you are solving for. • Develop a supply and demand analysis of your project.

CURRICULUM




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Week 3: Technical, Regulatory and Financial Sides of CRED March 20, Friday Afternoon Presentation

Financial Tools and Concepts by Frank Bonora CRED Session objectives: • Learn about the different banking sectors. • Identify who does what and how the sectors can work together. • Understand how underwriting works and what do you need to be prepared to meet with your

banker. Team Activity: • formulate development concepts. • determine the initial feasibility of your development concepts and associated barriers. • determine pre-development needs.

March 21, Saturday Morning Presentation:

Real Estate Market and Tools by Lisa Reeves CRED Session objectives: • The Internet doesn’t lie! • What good data is out there and not. • Getting to it.

Lunch Networking: CRED Alum

Afternoon Presentation: Financial Resources Panel by TBD.

CRED Session objectives: • Learn about the different banking sectors. • Identify who does what and how the sectors can work together. • Understand how underwriting works and what do you need to be prepared to meet with your

banker.

CURRICULUM




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Week 4 - The role local and state government plays in CRED March 27, Friday Afternoon Presentation:

Tour of Encore by David Hollis & Leroy Moore

CRED Session objectives: • Experience how a successful housing development can transform a community. • Identify what kind of amenities should be included in your project.

March 28, Saturday Morning Presentation:

An overview of local, state and federal programs by John Talmage and Jeff Burton CRED Session objectives: • Learn more about programs that your project may be eligible for. • Become familiar with the various national and state-wide organizations that can provide

technical assistance and continuing learning opportunities. Lunch Presentation: Afternoon Presentation:

How can your local Community Development, Economic Development and Housing Department help your project by Vanessa McCleary

CRED Session objectives: • learn about various state and local resources. • What is a comprehensive plan. • how to respond to a RFP. • how to identify partnerships to maximize the opportunity to secure government financial

resources. • what is the role of a city’s Community Redevelopment Agency (CRA). Team Activity: • work with presenters to identify programs you may be eligible for and where you may go to learn

more.

CURRICULUM




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Week 5 - Tying the pieces together April 3, Friday Afternoon Presentation:

Design approach by Trent Green, Associate Professor, USF CRED Session objectives: • Consider the array of design questions you may want to address. • Ask if you are you maximizing the development footprint. • Ask does your design make a statement.

April 4, Saturday Morning Presentation:

A deep dive into the development process by Roxanne Amoroso CRED Session objectives: • Learn from a developer how a real work project works. • Identify your real estate development tool kit. • Learn how to manage the development process. • Learn the fundamentals of property management.

Lunch Presentation: CRED Alum

Afternoon Presentation Team Time by Tom Shelly

CURRICULUM




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Week 6 April 17, Friday Afternoon Presentation:

Mock presentations CRED Session objectives: • make sure your number are right. • make sure you are presenting what you need to. • making sure your financing makes sense. Team activity • finalizing your project for culmination.

April 18, Saturday Culmination:

Closing Remarks by TBD

AMENDMENT TO EMPLOYMENT AGREEMENT

This Amendment to Employment Agreement (“Amendment”) effective as of March 1, 2020 by and

between Housing Finance Authority of Pinellas County (“HFA”) and Kathryn Driver (“Employee”)

(collectively the “Parties”), both of whom agree as follows:

1. The Parties agree that this Amendment becomes effective March 1, 2020.

2. The Parties agree that this Amendment modifies the Employment Agreement dated

February 5, 2014, and previous amendments thereto, between the Parties (the “2014

Agreement”).

3, Other than Section 2 that will be modified as set forth below, the Parties agree that all

provisions of the 2014 Agreement remain in full force and effect.

4. The Parties agree that certain paragraphs of Section 2 of the 2014 Agreement will be

modified only as set forth below (all other sections of Section 2 remain in full force and

effect):

2(A) Base Salary is replaced in its entirety with the following:

“2(A) Base Salary. You will be paid a base salary at the rate of $165,000 per year, payable

in bi-monthly installments of $6,875 (i.e. twice a month). All payments made to you under

this Agreement will be reduced by any tax or other amounts required to be withheld under

applicable law. In addition, the Board may agree to increase said base salary and/or other

benefits of Employee in such amounts and to such an extent that the Board may determine

that it is desirable to do so on the basis of an annual salary review, which will be part of

the annual performance evaluation. The Board will evaluate the performance of Employee

by April 1st of each year. This review and evaluation shall follow criteria and procedures

determined by the Board. The Parties agree that the primary purpose of such evaluation is

to facilitate open and frank discussion, define roles and expectations, identify performance,

strengths, and weaknesses, assess any salary increases and provide an opportunity for

employee to take affirmative action to address weaknesses and areas needing

improvement”.

2(B) Vacations is replaced in its entirety with the following:

“2(B) Paid Leave. You will be entitled to all paid leave as set forth in the employee

handbook and administered in accordance with the policies set forth in the handbook.”

2(E) Participation in Employee Benefit Plans/Health Insurance is replaced in its entirety

with the following:

“2(E) Participation in Employee Benefit Plans/Health Insurance. You will be entitled to a

monthly stipend for your health insurance benefits. Such amounts will be considered

compensation to Employee and shall be included as W-2 wages. This stipend is based

upon the monthly premium under the Employee’s Florida Blue 2019 Health Plan. If

premiums under the Health Plan change during the year, this monthly stipend shall be

adjusted to reflect such premium changes. However, should we establish an employee

benefit or health insurance plan and you are eligible for benefits under that plan, then you

will no longer be entitled to the monthly stipend.”

2(F) Retirement Plan is replaced in its entirety with the following:

“2(F) Retirement Plan. You are currently enrolled as a participant in the Florida Retirement

System. Provided that you remain eligible by law and the rules of the Florida Retirement

System, your participation will continue while you are an employee. If by law your

participation ends or you are no longer eligible to participate in the Florida Retirement

System for any reason whatsoever, then you will not be entitled to any further retirement

benefits hereunder.

IN WITNESS WHEREOF, the Housing Finance authority of Pinellas County has caused this Amendment

to be signed and executed on its behalf by its Board Chair, and the Employee has signed and executed this

Amendment, both in duplicate, this date.

Kathryn Driver Date

Board Chair Date

MTC/ej/5366983v1

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