BCC approves Penny funding for 4 affordable housing projects

June 23, 2021

The Pinellas County Board of County Commissioners on Tuesday approved funding from the Penny for Pinellas for four projects that will bring hundreds of new homes at affordable rents to the community. 

The investment supports the County’s strategic goals of ensuring public health, safety and welfare and fostering continual economic growth and vitality. County Administrator Barry A. Burton is authorized to negotiate and approve the terms and final funding amounts not to exceed the recommended amounts for the following: 

Whispering Pines Apartments 

• 2655 54th Ave. S., St. Petersburg

• Units: 20 units for those making under 60% of the Area Median Income. 

• Penny funds: $680,000 

Sixty90 on Central 

• 6090 Central Ave., St. Petersburg 

• Units: 42 restricted to 61 – 80% of Area Median Income; 141 at or below 120% of AMI; 21 at market rate.

• Penny funds: $3.5 million 

Innovare

• 5th Ave. S & Dr. Martin Luther King Jr. St. S., St. Petersburg  

• Units: 51 units under 60% AMI

• Penny funds: $1 million

Oakhurst Trace

• U.S. Highway 19 N., Pinellas Park 

• Units: 220 at or below 60% AMI

• $6.75 million 

By using a portion of the Penny for Pinellas sales tax combined with other local, state, federal and private dollars, Pinellas County and partners have added thousands of new affordable homes to the local community in recent years. 

With the approval of the four projects, Pinellas County has committed $23.4 million to produce 1,197 housing units, of which 884 (73 percent) qualify as affordable. Of the 884 affordable units, 524 (59 percent) are available for households with incomes at or below 80 percent of the Area Median Income. Over the next decade, an estimated $80 million from the Penny will be invested to spur development of as many affordable homes as possible through public and private funds.