According to Florida Realtors’ year-end report, at the end of 2021 the statewide median sales price for single-family existing homes was $348,000, 20% more than the previous year.

The median price today of a home in St. Petersburg is $ $348,947, an increase of +20.7% over last year.

Making Housing Affordable

To help low-income and moderate-income families compete in the housing market, the City of St. Petersburg has developed a comprehensive 10-year plan to address housing affordability by expanding existing programs and introducing new solutions.

The plan began in 2020 and will be funded through various public and private sources, impacting approximately 7,000 households and improving life for 19,000 community members across the city, including our firefighters, police, teachers, cafeteria workers, mechanics, part-time retail workers, single moms, single income families – people who work hard every day to earn a living. (https://www.stpete.org/residents/housing/affordable_housing_plan.php)

Benefits for Low-Income and Moderate Income Households

• Creates and preserves 2,400 multi-family units.
• Supports the development of 200 non-subsidized Workforce Density Bonus Units (zoning strategy to encourage developers to include affordable units).
• Includes mixed-income developments on City-owned land to increase the supply of multi-family units.
• Supports the construction of 300 accessory dwelling units, such as encouraging developers to include affordable units like carriage houses and garage apartments.
• Enables the purchase of 500 single-family homes for households earning 120% of the area median income or below.
• Provides 150 single-family lots for construction of new affordable homes.
• Enables more than 3,200 single-family homeowners to stay in their homes by remedying code violations through available grants and additional City funding.

Benefits for Middle-Income Households and Above

• Makes housing more affordable by increasing the supply of market rate units through the new Neighborhood Traditional Multi-Family zoning districts.
• Supports the construction of 300 accessory dwelling units, such as encouraging developers to include affordable units like carriage houses and garage apartments.
• Includes mixed-income developments on City-owned land to increase the supply of multi-family units.

Funding

The largest and most impactful piece of the plan will leverage approximately $60 million of City funding for the construction and preservation of 2,400 affordable multi-family units. Since most of these funds are sourced by taxes already paid to each level of government, everyone is contributing to this important solution.

Federal

• HOME (HOME Investment Partnership) — $1.5 million
  A federal funding source that provides money to the City through annual Federal budget process.

State

• SHIP (State Housing Initiative Partnership) — $2.5 million
  A state funding source that provides money to the City through annual state budget process.

Local

• City-Owned Land — $10 million: Existing City-owned land and future acquisitions, valued at approximately $10 million, for the use of housing that is affordable.
• Penny for Pinellas — $15 million: A 1% sales tax that funds long-term capital projects in Pinellas County.
• SSP CRA (South St. Petersburg Community Redevelopment Area) — $8.5 million: A City program by which local taxes collected from the CRA are used for projects located within the CRA alone.
• Floor Area Ratio Bonus — $2.5 million: A fee paid by developers for the right to develop additional square footage on a property.
• Linkage Fee — $20 million: A proposed impact fee on new market rate construction, pending results of the City’s nexus study, in progress.

Low Income and Moderate Income Households

For those who earn up to 120% of Area Median Income:

• Create and preserve 2,400 multi-family units
• Support the development of 200 non-subsidized

Workforce Density Bonus Units

• Include mixed-income developments on City-owned land to increase the supply of multi-family units
• Support the construction of 300 accessory dwelling units, such as encouraging developers to include affordable units like carriage houses and garage apartments
• Enable the purchase of 500 single-family homes for households earning 120% of the area median income or below
• Provide 150 single-family lots for construction of new affordable homes
• Enable more than 3,200 single-family homeowners to stay in their homes by remedying code violations through available grants and additional City funding

Middle Income Households and Above

For those who earn more than 120% of Area Median Income:

• Make housing more affordable by increasing the supply of market rate units through the new Neighborhood Traditional Multi-Family zoning districts
• Support the construction of 300 accessory dwelling units, such as encouraging developers to include affordable units like carriage houses and garage apartments
• Include mixed-income developments on City-owned land to increase the supply of multi-family units

The largest and most impactful piece of the plan will leverage approximately $60 million of City funding for the construction and preservation of 2,400 affordable multi-family units. Since most of these funds are sourced by taxes already paid to each level of government, we are all contributing to this important solution.

Learn more about what the City of St. Petersburg has done to improve housing affordability over the years by viewing the Enhanced Incentives for Housing Affordability document. (https://cms5.revize.com/revize/stpete/Residents/Housing/Affordable%20Housing%20Improvement%20Flyer_03.pdf)

Related Links:
New St. Pete high rise marks latest step in affordable housing
South St. Pete homes with $325,000 price tag spark gentrification concerns

If you’re interested in any of these of communities or live in one of them and are thinking of selling, call Estelia today!

Allendale Terrace
Bahama Shores
Bayway Isles
Coquina Key
Crescent Heights
Crescent Lake
Downtown
Greater Pinellas Point
Historic Kenwood
Historic Old Northeast
Historic Roser Park
Historic Uptown
Isla del Sol
Old Southeast
Placida Bayou
Snell Isle