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New affordable housing developments in St. Pete to offer mortgages as low as $1K/month

Mayor Ken Welch chose Habitat for Humanity to build two affordable housing developments in the south side of the city.

ST. PETERSBURG, Fla. — St. Petersburg could soon offer affordable housing that offers qualifying homeowners mortgages as low as $1,075 per month.

That's according to St. Pete Mayor Ken Welch, who announced Monday he selected Habitat for Humanity to build two affordable housing developments along 18th Avenue South. According to a news release, the areas of development will be near 21st Street South and 18th Street South. 

Qualifying homeowners who earn at or below 80% of the Area Median Income (AMI) will be able to live there with monthly mortgage payments as low as $1,075 and no more than $1,300, the city said. The mortgages will be through Habitat for Humanity's 0% interest mortgage program.

"After reviewing all proposals for these sites, Habitat for Humanity offered an innovative opportunity for homeownership, made affordable by their zero-percent interest mortgage program. This is a life-changing opportunity for homeownership and wealth-building for residents within the Southside Community Redevelopment Area. The monthly mortgage payment is truly affordable, and Habitat for Humanity is also a trusted organization in the community who we believe will deliver a quality project," Welch said in a statement.

The proposed idea for the development on 18th Avenue near 21st Street will have 44 three-story townhome units available for homeowners. Each unit will have attached garages and driveways. The homes will range in size between 1,000 square feet to 1,300 square feet. Nine of the units will be two bedrooms, 26 will be three bedrooms and nine will be four bedrooms, according to the city. 

The city says Habitat for Humanity plans the first phase of its project, which includes 15 units and will be completed by February 2024. If the project goes according to the proposed plan, the second phase with 15 units will be done by October 2024. The remaining 14 units are slated to be done by July 2025. 

The second proposed project, on 18th Avenue near 18th Street, will include 10-12 three-story townhome units. All will be three-bedroom units at 1,704 square feet. 

Construction for this project is expected to begin in January 2023 and be completed by December 2023. 

For more information, click here.

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