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Council approves Portland Apartments sale with legal safeguards to preserve affordability
Summary
City council approved the assignment and assumption of loans and related agreements for the proposed sale of the 68-unit Portland Apartments to Sunrise Affordable Housing Group, adding limited legal language to allow a lender to take title in foreclosure while preserving affordable-restriction protections.
Mark Van Lew presented the council with a proposed transaction in which Sunrise Affordable Housing Group would acquire the Portland Apartments, a 68-unit multifamily property in downtown St. Petersburg restricted to households at 60% or less of area median income (with seven units restricted at 35% AMI or below). The buyer proposes to partner with the Pinellas County Housing Authority: the housing authority would obtain fee simple ownership of the land and ground-lease the property to Sunrise for 99 years while serving as management agent and providing resident services.
Haley Sawyer, an attorney for Sunrise, told the council the buyer plans eventual tax-credit resyndication and a substantial…
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