Pinellas County is addressing the housing crisis by investing $7.94 million to build 164 new affordable apartments in Largo and St. Petersburg. According to Pinellas County's announcement, this initiative is part of an ongoing effort to make the American dream a reachable goal for residents whose income falls between 30 and 80 percent of the Area Median Income (AMI).
Archway Partners, the Florida-based developers, are not new to the project of building affordable housing, having already completed 96 affordable apartments at Seminole Square in Largo. These new developments, Cypress Grove Apartments and Flats on 4th, are set to be a significant stride forward in the county's plan to combat insufficient affordable housing. By teaming with the county and the cities, more than $69 million have already been invested in hopes of creating quality living environments for lower-income individuals and families.
Friday's grand opening of Whispering Pines followed the recent funding approval, adding 20 apartments for people transitioning out of homelessness or with special needs, according to Pinellas County. This event, which occurred at 2655 54th Ave. S. in St. Petersburg, marks the fourth celebration of either a grand opening or groundbreaking for affordable housing in the area this year.
The details of the newly approved developments were not left untouched by pragmatic considerations. Cypress Grove Apartments, located at 555 16th Ave. SE just south of downtown Largo, is anticipated to cost $31.78 million, featuring 84 units with varying eligibility based on income. The funds from Pinellas County will cover construction costs, including a contribution from the Penny for Pinellas and a federal HOME Investments Partnerships Program grant. Heading over to St. Petersburg, Flats on 4th is expected to cost $37.47 million with the county's support earmarked for land acquisition, supplemented by the City of St. Petersburg is providing funds through the American Rescue Plan Act.
Central to these efforts is the Advantage Pinellas Housing Compact. So far, several cities and Pinellas County have joined the Advantage Pinellas Housing Compact, which addresses the housing crisis through a unified approach. The Compact has successfully encouraged the creation of affordable housing by coordinating local, state, and federal funds. The new Housing Action Plan aims to involve private companies and non-profits to support building more diverse homes connected to essential services like transportation and jobs.
