I. Section 18 Disposition Application Update
- Since our last Board of Directors' meeting in February, there is not much to report regarding the approval status of our Jordan Park Section 18--Disposition application. We are in touch with the HUD Special Application Office on a regular basis. Staff is prompt in responding and providing requested information and documents. It appears that the review is progressing smoothly.
II. Mixed-Finance Application
- Since we are redeveloping Jordan Parks' 206 apartments in two phases, the financial closing will require HUD's input and oversight throughout the mixed-financing process, which is fairly typical. We are working with our developer Partner Norstar to prepare the mixed-finance application. As we begin the mixed-financing process, I will provide more details, particularly the impact of mixed-financing to our overall time line.
III. Jordan Park Staffing and Related Expenditures Update
- In January 2021 you approved a Jordan Park Development Budget to assist SPHA in overseeing the construction and renovation process as well as implementing the relocation process. The following is a brief update of the approved budgeted items.
- "Relocation Social Worker" to work directly and indirectly with Jordan Park residents to assist them throughout the relocation process. Recently, we interviewed and hired Mr. Hector Delgado who holds a B. S. in Public Health and a M.S.W. form Fordham University. He has worked with a broad range of Social Service agencies since about 2008. During the recruitment process, he demonstrated a great deal of passion toward his chosen work. He accepted our offer and is scheduled to begin work in early April 2021.
- "Construction Inspector" was approved to assist SPHA in monitoring the construction of the Senior Mid-Rise, and the renovation of the 206 apartments in Jordan Park. The recruitment for this position is on track to begin sometime in April 2021. I will provide progress updates.
- The budget includes a best-practice social services software to provide "integrated Case Management" services as well as to help track "Relocation. The software was purchased in March 2021 and training will commence once the Relocation Social Worker is on board.
- The purchase of a van to assist Jordan Park residents during the relocation process, is being purchased through the State of Florida Contract method. SPHA is procuring an eleven (11) passenger van with wheelchair accommodation. We anticipate purchasing the van within the next 30 days.
- "Part-Time Van Driver" to transport the residents throughout the relocation process. This part-time position will be recruited sometime prior to relocation.
IV. Our developer partner Norstar is currently working with the credit underwriter for the Pinellas County Housing Finance Authority. Third party consultant reports include the appraisal, market study, and Capital Needs Assessment which are all currently in process.
V. Our developer partner Norstar received updated construction pricing for the senior midrise and the expanded rehabilitation scope for Jordan Park which increased the development budget about 6% to approximately $216,000. Some of the additional construction items are;
- Public Balconies on each floor of the Senior Mid-Rise
- Additional parking spaces in the rear of the Jordan Park apartments
- Washers and Dryers in J.P.
- Canopies above the rear entry door at J.P
VI. The Development team is working with RBC (equity partner) and KeyBank (construction and permanent lender for a Fannie May permanent loan). We should have an update within 30 days.