Groundbreaking on 50 Affordable Homes in St. Pete
Groundbreaking on 50 Affordable Homes in St. Pete
November 2021 - County, City officials to attend Innovare groundbreaking on Friday, Nov. 5
- Innovare will be a 50-unit mixed-use development for residents earning less than the 60 percent of the area’s median income
- Development among the first in new round of housing developments funded by Penny for Pinellas
- Groundbreaking scheduled for 9:30 a.m., Friday, Nov. 5, at 850 5th Ave. S., St. Petersburg
Officials from Pinellas County and the City of St. Petersburg will mark the latest step forward in providing homes everyone can afford at a groundbreaking event on Friday, Nov. 5, for a new 50-unit development south of downtown.
The nearly $17 million project is being developed by Volunteers of America of Florida, a faith-based, human services organization with a local office in St. Petersburg.
Innovare will provide apartment homes with rents restricted to those who earn less than 60 percent of the area’s median income, with a dozen units set aside for those with very low incomes.
Pinellas County Commissioners will be joined by representatives from Volunteers of America and other agencies for the groundbreaking event, which will take place at 9:30 a.m. at the construction site, 850 5th Ave. S., St. Petersburg.
Since 2020, the Pinellas County Commission has committed $23.4 million toward eight new developments that will set aside 884 units restricted to affordable rents.
The County’s Penny for Pinellas Affordable Housing Program supported $1 million in land acquisition costs for Innovare with additional financial support from the City of St. Petersburg and the Florida Housing Finance Corporation.
Innovare represents one of the first to break ground in a new round of developments funded by the voter-approved Penny sales tax, which will support around $80 million in affordable housing over the next decade.
Pinellas County is also joining forces with Forward Pinellas, and the cities of St. Petersburg, Clearwater, Largo and Pinellas Park in a countywide housing compact that will outline a common set of goals and policies to spur more affordable housing. The compact is expected to be ratified by early 2022.
The County’s long-term goal is to build a coalition of municipalities, agencies, developers and other local leaders committed to a common vision for addressing one of the biggest challenges facing the community today.
In addition to the Penny for Pinellas fund, the County supports housing affordability with other local, state and federal funds providing rental and home ownership opportunities through partnerships with agencies and developers.
Over the past decade, the County has supported dozens of new affordable housing developments that have added thousands of homes.
To learn more about St. Pete’s approach to affordable housing, visit stpete.org/housing.
Learn more about Volunteers of America of Florida here: www.voaflorida.org