Photo courtesy of PINELLAS COUNTY MARKETING & COMMUNICATIONS
Pinellas County commissioners Charlie Justice and Pat Gerard join officials from Pinellas County Housing Authority, U.S. AmeriBank, Housing Finance Authority of Pinellas County, Norstar/Primerica Multifamily Group and others at a ground breaking ceremony for the Palms of Pinellas workforce housing development.
LARGO - Pinellas County officials broke ground May 10 on Palms of Pinellas, a 92-unit mixed-income housing development which will offer a new housing option for the local workforce at various income levels.
The ceremony kicked off construction for the new housing community at 13101 Belcher Road S., Largo. Construction is expected to be completed by summer 2018.
The project is made possible through a partnership of Pinellas County government, the Pinellas County Housing Authority, U.S. AmeriBank, Housing Finance Authority of Pinellas County, and developer Norstar/Primerica Multifamily Group.
Palms of Pinellas will offer one-bedroom, two-bedroom and three-bedroom apartment homes at mixed-income levels. Income limits will apply to all units and not exceed 150 percent of the area median income with 10 units restricted to 80 percent of area median income and an additional 19 units further restricted to 50 percent of this level. As the landowner, the county can ensure the apartments will remain at an affordable level into the future.
The development is supported by a $938,000 investment from the Affordable Housing Land Assembly Fund, which comes from the Penny for Pinellas 1-percent sales tax.
The total project cost is $13.8 million. Primary construction financing is being provided by USAmeriBank.
Additional development loan financing in the amount of $1.5 million is being provided by Pinellas County using federal HOME Investment Partnerships Program funds and local housing trust funds.