Penny for Pinellas Affordable Housing Program
A new $80-million fund dedicated to expanding affordable housing in Pinellas County over the next decade is available to support qualified development and rehabilitation projects.
The Penny for Pinellas Affordable Housing Program uses revenue from the voter approved 1-percent sales tax along with other public and private investment to preserve and develop more affordable housing. The County is looking for a variety of applicants, including developers who specialize in affordable housing and those who traditionally build market-rate developments as well as municipal and nonprofit partners.
Applications for the program are taken on a rolling basis throughout the year. Builders and developers with projects in Pinellas County that meet program requirements are welcome to complete the application process to begin staff review.
Review and approval process takes approximately 60 days
Projects will be reviewed by staff following the submittal, and recommended projects will go to the County Commission for approval. Applications will continue to be taken as long as funding remains available.
As of April 2021, four projects have been conditionally approved by the Board of County Commissioners and have begun the development process. These projects will produce a total of 411 affordable units, of which 103 units will be below 60% Area Medium Income (AMI), and 90 units will be between 60%-80% AMI. These projects represent a commitment from Pinellas County of $11,070,000 or approximately 14% of the $80 Million available to support this program. The table below provides a detailed summary of the approved projects.
|Development Name||Funded Amount||Total Dev Cost||Total units||Affordable units||Subsidy/|
|Skyway Lofts||$700,000||$16,462,296||65||65||$10,769||10 < 30%; 42 < 60%; 13 < 80%|
|The Shores||$750,000||$12,600,000||51||51||$14,706||51 < 60%|
|New Northeast||$4,000,000||$97,000,000||415||124||$32,258||59 units < 80%|
65 units < 120%
remaining units market rate
|Washington Avenue Apartments||$5,620,000||$38,436,995||171||171||$32,865||18 < 80%: 49 < 100%;|
104 < 120%
Virtual Housing Summit
Pinellas County and Forward Pinellas hosted a series of five webinars from October 9 to December 11, 2020, on how to create, improve and sustain homes that are affordable to our residents.
Developing homes in Pinellas County
Located on a 280 square-mile peninsula, Pinellas offers a diverse array of cities, towns, and neighborhoods, replete with small and large downtowns, historic main streets, traditional neighborhoods and beach towns. As Florida’s most densely-developed county, successful housing projects aim to redevelop land into new mixed-use, multifamily homes, restore aging single-family houses or find creative ways to reuse existing space.
Attracted by the mild, sub-tropical climate and miles of white sand beaches, 946,848 people have made Pinellas County their home. With an average 360 days of sunshine each year and beaches ranked among the best in the U.S., the county is also the most popular tourist destination on the Gulf of Mexico, drawing nearly six million tourists annually. As an established county, the significant infrastructure – including schools, utilities and roadways – is already in place. Pinellas is also well connected with regional access provided via Interstate-275, two international airports, and the largest port in Florida.
Pinellas County dedicated 8.3 percent of the Penny for Pinellas sales tax renewed by voters from 2020-2030 to affordable housing land acquisition and economic development capital projects, based on broad public input. The renewed Penny builds on years of progress in expanding housing options in the community.
In the past 10 years, the County has supported development and preservation of more than 2,900 affordable housing units through a combination of local, state and federal partnerships.