This month, the Pinellas County Board of County Commissioners approved funds for two affordable housing projects that will add another 270 units for county residents in need over the next decade. Learn more about the new Pinellas County housing program and how it’s helping locals find places to live.
The Commission gave conditional approval of Penny for Pinellas funds to support a new rental community in South St. Petersburg and approved funds from the State Housing Initiative Partnership Program (SHIP) to rehabilitate six units in Lealman for persons with special needs. This new approval is expanding Pennies for Pinellas funding, which has already supported the construction of 1,100 new homes in the past two years.
The voter-approved Penny sales tax helps cover the land and other authorized costs for residential developments where some or all units are reserved at affordable rates. In Tampa, rental and mortgage rate increases are highest in the state and 7th in the nation, with an average increase of 31% from January 2021 to January 2022. At a time when rental rates are at an all-time high, this program is helping support the local community and prevent housing insecurity in low-income populations.
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Pinellas County has also joined with Forward Pinellas and the cities of St. Petersburg, Clearwater, Largo, and Pinellas Park in the Advantage Pinellas Countywide Housing Compact, an agreement to develop and implement long-term solutions to housing affordability. Pinellas County has committed an estimated $80 million from the Penny sales tax to support the development of affordable housing over the next decade.
New Projects Supported By the Fund:
- Fairfield Avenue Apartments, 3300 Fairfield Ave. S., St. Petersburg, will provide 264 affordable homes with all units set aside for those earning less than 120%, 80% or 50% of the area median income. The County will provide $5.6 million from the Penny for Pinellas for land and construction costs. The project is also supported by a loan from the United States Department of Housing and Urban Development (HUD) and the St. Petersburg CRA.
- Homes for Independence, will fund renovation of six units located at 1000 79th Ave. N., 8211 12th Way North, and 3890 7th Ave. N., in the Lealman area, using $386,198 in SHIP funds. The units will be set at affordable rates for persons with special needs.
This funding increase comes after a successful opening of Eagle Ridge, a 71-unit affordable apartment community. The development, located at 721 Mango Circle, was supported in part through Pinellas County’s HOME and HUD Neighborhood Stabilization Program 2 (NSP2) funds.
For more information on countywide affordable housing programs click here.
