The St. Petersburg City Council has approved nearly $482,000 in funding for Habitat for Humanity of Pinellas County’s affordable housing development, The Grove. The funding will reimburse Habitat up to $481,852.14 for the construction of The Grove Townhomes, an 11-unit affordable homeownership community at 1805 18th Ave. S.
Affordable Housing for Working-Class Families
The Grove is already built, with seven of the 11 townhomes sold by late May, according to city documents. Three additional homes were under contract and a buyer had been selected for the final unit. The average household income among buyers is 70.3% of Area Median Income (AMI), with incomes ranging from 62% to 78% of AMI.
Habitat sold the homes to lower-income families, resulting in a funding gap. The city’s contribution amounts to roughly $43,805 per home. The total development cost was approximately $3.89 million, or about $353,805 per unit.
The funding comes from the South St. Petersburg CRA’s tax increment financing district, which captures growth in property tax revenues and reinvests those dollars back into redevelopment projects within the district. City officials said the funding is consistent with the South St. Petersburg Community Redevelopment Plan, which identifies affordable housing as one of its core priorities.
Original reporting: St. Pete Catalyst — read the source article.
