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Council approves sale of Portland Apartments; legal edits added to protect affordability in foreclosure
Summary
Council approved a sale of the 68-unit Portland Apartments to Sunrise Affordable Housing Group with conditions and legal revisions to preserve affordability covenants if a lender forecloses; the deal includes a 99-year ground lease with Pinellas County Housing Authority and proposed rehabilitation funded by LIHTC resyndication.
The City Council approved on May 15 the sale and related contract assignments for the Portland Apartments, a 68-unit affordable property near Mirror Lake, subject to revised legal language intended to preserve affordability restrictions if a lender forecloses.
Mark Van Loo, presenting for the city, said the Portland consists of one-, two- and three-bedroom units restricted to households at 60% or less of area median income, with seven units restricted at 35% or below. The current owner notified the city in February of intent to sell. The proposed buyer is Sunrise Affordable Housing Group; the buyer plans a partnership with the Pinellas County Housing Authority to acquire the land in fee simple and ground-lease the project back to Sunrise on a 99-year ground lease. Sunrise expects to pursue tax-exempt bond financing and 4% low-income housing tax credits (LIHTC) in a…
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