South St. Pete CRA Sets $11.6M for Affordable Housing, Faces Far Greater Demand

The City of St. Petersburg has set aside $11.6 million to help finance affordable apartment projects in South St. Pete for the coming fiscal year, but developer requests already exceed that amount more than threefold, with at least $35 million in unfunded requests currently under review for 398 affordable units.

The funding comes from the South St. Petersburg Community Redevelopment Area (CRA), which reinvests a share of the district's rising property tax revenue back into the area. Council members unanimously approved the spending plan on September 17th, directing $15.1 million total toward housing and neighborhood programs, including $11.6 million to help affordable apartment projects fill financing gaps and $2.75 million for single-family programs like down payment assistance and home repairs.

"We currently have 11 development applications in our system for over $60 million dollars in the CRA alone," said Housing and Community Development Director Avery Slyker.

Projects already moving forward with CRA support include the 40-unit Pelican Place development from Habitat for Humanity Tampa Bay Gulfside, along with the Grove and Namaste developments.

Read the full St. Pete Catalyst coverage of the CRA budget discussion.