Board backs inducement for $22M multifamily bonds to rehab Citrus Grove Apartments

Pinellas County voted unanimously on Aug. 13 to approve an inducement resolution authorizing the possible issuance of multifamily housing revenue bonds for the Citrus Grove Apartments project — a proposed acquisition and substantial rehabilitation expected to cost roughly $80,000 per unit of work.

Catherine Driver, executive director of the Housing Finance Authority (HFA) of Pinellas County, outlined the HFA review process: applications are reviewed by staff, bond counsel and financial advisors; an inducement is a conditional commitment that does not bind the HFA to issue bonds until underwriting and conditions are met. The transaction will include a 50‑year land use restriction agreement (LURA) recorded by the HFA to preserve affordability and require HFA approval for future sale.

Jordan Richter of Lincoln Avenue Communities said the developer is under contract to acquire the property and plans a large‑scale rehab — mechanical, plumbing and electrical systems, new finishes and community improvements — with a targeted start of November/December and a 10–12 month construction period. The team said 100% of units are covered by a project‑based Housing Assistance Payments (HAP) contract, which will help maintain affordability.

Commissioners pressed the developer on resident relocation logistics; Richter said the developer has hired a third‑party relocation consultant and will assign a full‑time on‑site relocation coordinator during renovations and provide stipends or hotel/Airbnb options where needed.

The board approved the inducement; staff and the HFA will continue underwriting, and a future HFA vote will be required to issue bonds.