80 affordable apartments for seniors underway in St. Petersburg
A new affordable apartment community in the Gateway area of St. Petersburg is underway with the support of a public-private partnership that guarantees long-term affordability.
Flats on 4th will provide 80 high-quality apartments for local seniors struggling with the high cost of housing, specifically helping seniors with very low incomes who have few options for a stable home in the current housing market.
The project, located at 438 106th Ave N, will offer 75 apartments for people who earn 40-60 percent of Area Median Income (AMI), while the remaining five will be for very low-income households who earn 22 percent of AMI.
Flats on 4th is the latest of several affordable developments by Archway Partners, a Florida-based company that recently worked with partners in the Advantage Pinellas Housing Compact to open 96 affordable apartments at Seminole Square in Largo.
Pinellas County, the City of St. Petersburg, the Housing Finance Authority of Pinellas County, the Pinellas County Housing Authority and the Florida Housing Finance Corporation all worked together with Archway Partners to make the project financially viable and provide long-term affordability.
The new development will cost around $36 million, with Pinellas County providing $2.9 million from the Penny for Pinellas for land acquisition. The City of St. Petersburg is providing $4.39 million in American Rescue Plan Act funds.
The Pinellas County Housing Finance Authority issued $17.75 million in tax-exempt mortgage revenue bonds to allow the developer to access low-income housing tax credits. The HFA acquired the land using Penny for Pinellas Land Assembly Funds, which ensures affordability of the units for 99 years.
The County and cities partnering in the Advantage Pinellas Housing Compact have helped thousands of individuals and families find a quality home they can afford in recent years. Local governments in the compact work together to promote consistent policies and programs and support projects that create more housing choices.