Categories: Business NewsEvent PlanningNewsReal Estate & Properties

Flats on 4th: New Affordable Housing for Seniors in St. Petersburg

Flats on 4th aims to provide affordable living solutions for seniors in St. Petersburg.

News Summary

A new senior apartment community, Flats on 4th, is being developed in St. Petersburg, Florida, featuring 80 affordable units. The project addresses housing challenges for seniors with low incomes and is backed by local government support. With a focus on sustainable living, 75 units will serve households earning between 40% to 60% of the Area Median Income, and five will be reserved for extremely low-income residents. This initiative exemplifies collaboration between public and private sectors to combat the housing affordability crisis.

St. Petersburg, Florida is set to welcome a new affordable apartment community named Flats on 4th, aimed at providing housing solutions for seniors struggling with affordability issues. The development will take place at 438 106th Avenue North and will consist of 80 high-quality apartments designed specifically for the senior community.

The project is significant for the local area as 75 of the apartments will be offered to residents with incomes between 40% to 60% of the Area Median Income (AMI). Additionally, five units will be reserved for extremely low-income households earning approximately 22% of the AMI. This arrangement is expected to support many seniors who are facing increasing housing costs in the region.

Developed by Archway Partners, Flats on 4th is receiving collaborative support from several key entities, including Pinellas County, the City of St. Petersburg, and the Housing Finance Authority of Pinellas County. The total cost of the project is estimated to be around $36 million

Financial backing for the project includes contributions from the local government, with Pinellas County committing $2.9 million for land acquisition through the Penny of Pinellas fund. The City of St. Petersburg is also providing financial assistance of $4.39 million drawn from the American Rescue Plan Act. To further enhance the feasibility of the project, the Pinellas County Housing Finance Authority has issued $17.75 million in tax-exempt mortgage revenue bonds, allowing the development to utilize low-income housing tax credits efficiently.

The land on which Flats on 4th will be built was acquired specifically using the Penny for Pinellas Land Assembly Funds. This strategic approach ensures long-term affordability for the apartments for a period of 99 years, underscoring the commitment to sustainable housing solutions for seniors in the community.

The initiative addresses a pressing need in St. Petersburg, where many seniors are experiencing challenges in finding affordable housing options. With the high cost of living continuously on the rise, the creation of affordable rental units is crucial for the well-being of low-income seniors.

The project has garnered positive attention for its integrated support system, providing not only housing but a sense of community for senior residents. By collaborating with various local entities, Archway Partners aims to deliver high-quality living spaces equipped with essential amenities tailored to senior needs.

As construction progresses, community stakeholders are optimistic that Flats on 4th will serve as a model for future affordable housing developments in the region, highlighting the benefits of collaboration between public and private sectors to tackle housing affordability in the area.

The Flats on 4th development is anticipated to begin welcoming residents after its completion, playing a pivotal role in addressing the housing crisis facing many seniors in St. Petersburg, Florida.