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									February 9, 2009


Mr. Anthony Jones
Housing Finance Authority of Pinellas County
600 Cleveland Street, Suite 800
Clearwater, Florida 33755-4159


Re:          PINELLAS COUNTY TAX EXEMPT
             BOND FINANCED APARTMENT PROJECTS
             December 2008


Dear Mr. Jones:

Attached please find the end of month occupancy figures for the Pinellas County projects we
monitor for compliance.

If we can be of further assistance, please do not hesitate to call.

Sincerely,


Cindy Hardwick
Vice President

/ch

Attachment

cc:          Deborah Halstead
             Parisrice Robinson
                                                                                                      Occupancy Charts By Property
                                                                                                      Multi-Family Occupancy Report
                                                                                                   January 31, 2008 to December 31, 2008




                                                                                                                                                                                         Occupancy
                                                                Occupancy
                                                                                                                                                                                     Palmetto Park
                                                              James Park                                                                                                 January 31, 2008 to December 31, 2008
                                                 January 31, 2008 to December 31, 2008
                                                                                                                                                            100
                             100
                                                                                                                                                                90
                              90
                                                                                                                                                                80
                              80
                                                                                                                                                                70
                              70
                                                                                                                                                                60




                                                                                                                                             % O c c u p ie d
                              60
          % O c c u p ie d




                                                                                                                                                                50
                              50
                                                                                                                                                                40
                              40
                                                                                                                                                                30
                              30
                                                                                                                                                                20
                              20
                                                                                                                                                                10
                              10
                                                                                                                                                                 0
                               0
                                                                                                                                                                     Jan. Feb. Mar. Apr. May Jun. Jly. Aug. Sept. Oct. Nov. Dec.
                                   Jan.   Feb.    Mar.   Apr.   May   Jun.   Jly.   Aug.   Sept.   Oct.   Nov.   Dec.
                                                                                                                              Palmetto Park - 179 Units 72                73   73   71     80   85   89   89   87   86   82   81
James Park - 82 Units              98     96       96    83     88    84     85     90      94     91     91     91
                                                                         Month                                                                                                                  Month




                                                                                                                                                                                                                                   1
                                                                                                  Occupancy Charts By Property
                                                                                                  Multi-Family Occupancy Report
                                                                                               January 31, 2008 to December 31, 2008




                                                            Occupancy                                                                                                               Occupancy

                                                       Lexington                                                                                                                   Alta Largo
                                           January 31,2008 to August 31, 2008                                                                                        January 31, 2008 to December 31, 2008

                            100
                                                                                                                                                          100
                             90
                                                                                                                                                           90
                             80
                                                                                                                                                           80
                             70
                                                                                                                                                           70
                             60
         % O c c u p ie d




                                                                                                                                                           60




                                                                                                                                       % O c c u p ie d
                             50
                                                                                                                                                           50
                             40
                                                                                                                                                           40
                             30
                                                                                                                                                           30
                             20
                                                                                                                                                           20
                             10
                                                                                                                                                           10
                              0
                                  Jan.   Feb. Mar.   Apr.    May   Jun.   Jly.   Aug. Sept. Oct.   Nov. Dec.                                                0
                                                                                                                                                                Jan. Feb. Mar. Apr. May Jun. Jly. Aug. Sept. Oct. Nov. Dec.
Lexington - 240 Units             92     94    95    95       95   95     95     95    93    93    93    91
                                                                                                                            Alta Largo - 288 Units 90                89   91   92   91   91    93   93   90   93   90   91
                                                                     Month
                                                                                                                                                                                          Month




                                                                                                                                                                                                                              2
                                                                                                             Occupancy Charts By Property
                                                                                                             Multi-Family Occupancy Report
                                                                                                          January 31, 2008 to December 31, 2008




                                                                Occupancy                                                                                                               Occupancy

                                                           Emerald Bay                                                                                                              Mariners Pointe
                                              January 31, 2008 to December 31, 2008                                                                                      January 31, 2008 to December 31, 2008

                                100                                                                                                                                100


                                 90                                                                                                                                 90


                                 80                                                                                                                                 80


                                 70                                                                                                                                 70


                                 60                                                                                                                                 60




                                                                                                                                                % O c c u p ie d
             % O c c u p ie d




                                 50                                                                                                                                 50


                                 40                                                                                                                                 40


                                 30                                                                                                                                 30


                                 20                                                                                                                                 20


                                 10                                                                                                                                 10

                                  0                                                                                                                                  0
                                      Jan.   Feb.   Mar.   Apr.   May   Jun.     Jly.     Aug.   Sept.   Oct.   Nov.   Dec.                                              Jan. Feb. Mar. Apr. May Jun. Jly. Aug. Sept. Oct. Nov. Dec.
Emerald Bay - 320 Units               91     90     89     88      88   86           98   89      87     88     89     91         Mariners Pointe - 368 Units            94   96   95   94   93   93    91   89   89   91   89   92

                                                                             Month                                                                                                                  Month




                                                                                                                                                                                                                                       3
                                                                         Multi-Family Occupancy Report
                                                                   Pinellas County Housing Finance Authority
                                                                     January 31, 2008 to December 31, 2008



Background

The chart below depicts monthly occupancy levels of apartments financed with multi-family bonds of the Pinellas County Housing Finance
Authority (HFA). The six projects below currently have occupancy and related compliance reporting requirements. The chart is based on
compliance reports provided by First Housing for the period of January 31, 2008 to December 31, 2008 (twelve months). The HFA contracts
with First Housing for compliance monitoring services.



                                                                                Occupancy

                120
                                                                                                                                 James Park - 82 units
                100
                                                                                                                                 Palmetto Park - 179 units
   % Occupied




                 80                                                                                                              Lexington - 240 units
                 60                                                                                                              Alta Largo - 288 units
                 40                                                                                                              Emerald Bay - 320 units
                 20                                                                                                              Mariners Pointe-368 units
                  0
                        Jan.     Feb.      Mar.     Apr.     May      Jun.      Jly.    Aug.        Sept.   Oct.   Nov.   Dec.
                                                                         Month


                      Data Source: First Housing, Compliance Reports for January to December 2008



Key Highlights

Five projects have maintained an average occupancy at or above 90% of capacity for the calendar year. The sixth project, Palmetto Park
had an average occupancy of 81% for the period. As reflected in the chart, occupancy for Palmetto Park significantly improved from May
to August, reaching a high of 89%, but dropped during September-December period to a low of 81 percent.
Page 2
Multi-Family Occupancy Report
January 31, 2008 to December 31 2008


The occupancy of four properties dipped below 90 percent (into the 80 percentile range) for one or more months during the period. Those
properties were Alta Largo (Feb.); Mariners Pointe (Aug.-Sept. and Nov.); Emerald Bay (Mar.-Jun. and Aug.-Nov.); and James Park (Apr.-July).
The one occurrence for Alta Largo at the beginning of the period had minimal impact on its otherwise consistently high occupancy percentage
for the period. The three occurrences for Mariners Pointe at the end of the period suggests a need to monitor the property for improvement
in occupancy rates. Emerald Bay and James Park each had four or more months of occupancy levels below 90 percent. Emerald Bay
improved with a noteworthy 98 percent occupancy in July, then dropped sharply to 89% in August and ended the year with 91% occupancy
in December. James Park had an average occupancy of 97% for January to March, experienced a downward trend to an average of 85%
occupancy from April to July. The property's occupancy rate improved to 90% or more for the last five months of 2008.
            PINELLAS COUNTY PROJECTS STATUS AS OF 12-31-08


                                          LOW        % LOW                 %          %
                               OCC        OCC        INCL                  OCC        OCC
PROJECTS            UNITS      (ACT)      (ACT)      VAC LOW               (ACT)      CHANGE

Alta Largo*            288        261         98        34%     VL            91%        +1%

Emerald Bay**          320        291         73        26%     VL            91%        +2%

James Park              82         75         75       100%                   91%         0%

Palmetto Park          179        145        126        88%                   81%        -1%
(Greenwood)

Lexington              240        219        219       100%                   91%        -2%
(Tuscany)

Mariners Pointe         368        338        116       35%                   92%        +4%



        * Alta Largo is required to have a minimum of 20% Very Low Income Adjusted to Family Size.


       ** Emerald Bay is required to have a minimum of 20% Very Low Income Adjusted to Family Size

								
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