Welch administration allocates additional funds for housing projects
Welch administration allocates additional funds for housing projects - Citizens Advisory Committee recommends approval
St. Petersburg, FL — The St. Petersburg Citizens Advisory Committee (CAC) on Tuesday evening approved recommendations from the Welch Administration for two affordable housing initiatives benefitting South St. Pete.
The recommendations include approximately $5.5 million in funding to create and/or preserve 429 affordable units.
Members voted unanimously to approve funding up to $2,281,689 toward construction of 264 affordable rental residential units on a seven-acre parcel located at 34th St. South and Fairfield Ave. at the site of the former Tibbets Lumber yard.
The project will consist of three buildings with 74 one-bedroom, 162 two-bedroom and 28 three-bedroom units. Of those units, 53 will be reserved for those earning at or below 50% of the Area Median Income (AMI), 67 units will be reserved for those earning at or below 80% AMI and 144 units will be reserved for those at or below 120% AMI.
The development comes with a minimum 30-year affordability period. It is made possible through the City’s adoption of Florida House Bill 1339, which allows affordable residential developments in industrial zoning districts.
By a 3-2 vote, the CAC also recommended approval for the redevelopment of Citrus Grove Apartments located at 731 15th St. South across the street from John Hopkins Middle School.
The recommendation is for up to $1,420,708 to renovate 84 affordable rental units and would extend the current affordability period from 2041 to 2062.
Improvements are to include roofing, windows, paint and re-paving the parking lot.
“These projects reflect the city’s continued focus on affordable housing, and the value of South St. Petersburg CRA funds to support this critical need,” said Mayor Ken Welch.
City Council approval, through its capacity as the Community Redevelopment Agency, is still required for final adoption.