|Mayor Welch has selected the affordable housing builderto develop two major properties in Midtown.|
|Habitat for Humanity of Pinellas and West Pasco Counties is proud to announce the organization has been selected by the City of St. Petersburg to develop two major affordable homeownership projects within the South St. Pete CRA: 18th St & 18th Ave S (The Grove) and 21st St & 18th Ave S (Pelican Place).|
|“The need for affordable housing at all categories and at all income levels is immense. At Habitat, we are solely focused on affordable homeownership. We believe affordable homeownership is the best way to benefit the surrounding area and its residents by allowing them to share in the equity creation spurred by planned redevelopment of the area. Homeownership is also one of the primary mechanisms in creating intergenerational wealth,” explains Mike Sutton, president & CEO of Habitat Pinellas and West Pasco.|
|Habitat for Humanity’s sketch of The Grove community to be built at 18th St & 18th Ave S.|
|In 1986, the affiliate completed its very first home in St. Petersburg in the Methodist Town neighborhood; has been serving the community ever since. Habitat Pinellas and West Pasco has vast experience in developing, constructing, and selling fee-simple affordable housing over its 36-year history, having just completed their 758th home. The organization is ranked #2 out of over 1,100 Habitat affiliates across the nation in new home construction and are the 14th largest home building in the Tampa Bay region according to the Tampa Bay Business Journal.|
Over the past six years, Habitat has opened a resource center on 22nd Street South and focused a $6M New Markets Tax Credit in partnership with Hancock Whitney Bank on the redevelopment of the South St. Pete CRA. And, since 1985, the affiliate has celebrated with nearly 400 families who know call St. Pete “home”.
The Midtown neighborhood of St. Petersburg is a vibrant community and home to a diverse population of residents and workers. Yet, for those who are long-term residents of the area, the housing crisis has long been in the making. Property values have skyrocketed in the vicinity, and residents simply cannot afford to purchase a home in the area anymore. The ability for people to purchase affordable homes is an important factor in both creating and sustaining a vibrant community. Unfortunately, residents are left with few options and are moving out of the city. These two projects will bring help alleviate some of these pressures and create additional opportunities to sustain a vibrant Midtown.
|A rendering of the Pelican Place community to be built at 21st St & 18th Ave S.|
|“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,” said Mayor Kenneth T. Welch.|
|Under Habitat’s proposals for both projects, homeowners are provided a conventional 30-year, 0% interest mortgage. Habitat would also eliminate a need for a down payment and not require private mortgage insurance (PMI). It would only require $1,000 in closing costs. Per its proposals, Habitat has committed to exclusively marketing the site to South St. Petersburg residents and city staff for the first three months of the program.|
The announcement exemplifies the establishment of a true private-public partnership between Habitat for Humanity and the City of St. Petersburg; one that will vastly benefit South St. Pete residents.