NewsPrice of Paradise

Actions

St. Petersburg City Council approves $3.7M in funding for affordable housing projects

PoP St pete affodable housing development Chad Mills WFTS.png
Posted at 11:30 AM, Aug 24, 2022
and last updated 2022-08-26 08:40:28-04

ST. PETERSBURG, Fla. — St. Petersburg City Council approved $3.7 million in funding for affordable housing on August 18, according to a statement released Wednesday morning.

The money will be used to increase affordable housing stock, as well as, retain and renovate pre-existing units.

The project makes St. Petersburg the first city in Florida to take advantage of a new law that permits the construction of certain affordable housing projects on industrial land.

Council already unanimously approved over $2 million to construct 264 units, which will be constructed on Fairfield Avenue. The units will be a variety of one, two and three bedrooms, with 53 of them reserved for those earning at or below 50% of the Area Median Income (AMI), 67% at or below 80% and 144 at or below 120%.

“I’d like to thank City Council for their support on these important affordability housing projects," Mayor Kenneth T. Welch said. "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.”

84 affordable units at the Citrus Grove complex on 731 15th Street South will be restored. Renovations range from electrical work and new paint to interior renovations and new windows. The affordability period of the units will also be extended for another 20 years.

Community benefits in the deal include a guarantee that no current tenants will be displaced during renovations and that the City will work with businesses within the Community Redevelopment Area (CRA) or Minority/Women/Small Business Enterprises for construction.

WHAT IS THE PRICE OF PARADISE?
As Tampa Bay continues to attract new residents and businesses, the impact of living in paradise comes at a cost for all of us— from the increasing cost of housing and infrastructure to utilities and insurance. ABC Action News is committed to helping you and your family make the most of your money and navigate through the Price of Paradise.