St. Pete Scores Affordable Housing Win
St. Pete Scores Affordable Housing Win
St. Pete City Council Allocated $3.7M for Projects
St. Petersburg, FL (Aug. 24, 2022) — St. Petersburg City Council approved $3.7 million in funding last week to increase affordable housing stock and retain and renovate existing units.
Council on Thursday unanimously approved $2,281,689 from Community Redevelopment Area (CRA) Tax Incremental Funds (TIF) to create 264 new affordable housing units on Fairfield Ave. at the site of the seven-acre parcel shuttered lumberyard.
St. Petersburg is the first city in the state to take advantage of a new law allowing for the construction of certain affordable housing projects on industrial land.
The project leverages funding from the federal Housing and Urban Development and county funds through Penny for Pinellas to bring the $53 million project to fruition.
Of the total units, including one, two and three bedrooms, 53 will be reserved for individuals earning at or below 50% of the Area Median Income; 67 at or below 80% AMI; and 144 at or below 120% AMI.
The deal includes several community benefits, including coordination with St. Pete Works to identify and target residents of the CRA for employment with contracted construction companies; coordination with the City to identify businesses within the CRA or Minority/Women/Small Business Enterprises to participate in construction; and prioritization of at least 13 City employees for residency upon project completion.
City Council also unanimously approved $1,420,708 in TIF to retain and renovate 84 affordable units at 731 15th St. South, the Citrus Grove complex.
In addition to restoring one- to four-bedroom units at the site, the deal also extends the affordability period of the units an additional 20 years, or until 2061.
All units are reserved for those earning at or below 60% AMI and residents pay just 30% of their household income on rent.
Renovations will include electrical work, interior renovations, new roof, painting, new windows and improvements to lighting and signage.
The deal’s community benefits include coordination with St. Pete Works to identify CRA residents for employment on construction projects; coordination with the City to identify businesses within the CRA or Minority/Women/Small Business Enterprises for construction contracts; a guarantee that no current tenants will be displaced during renovation; and a city allowance to inspect up to 10% of the completed units annually.
Said Mayor Kenneth T. Welch: “I’d like to thank City Council for their support on these important affordability housing projects. We’re excited to see the addition of new affordable housing utilizing a new state law that allows for the construction of certain housing opportunities on industrial land. I’m also grateful for their recognition that, while we must continue to bring more affordable housing units onto the market, we must also continue to ensure existing units are safe and accessible.”