City to give $1M for housing
The funds will help build two complexes of apartments with affordable rents.
By AARON SHAROCKMAN
Published April 6, 2007
ST. PETERSBURG - The City Council agreed Thursday to contribute $1 million to help build 145 affordable apartments in a pair of city complexes.
Three-bedroom apartments at the Lansing and the Sacramento would rent for $329, according to the developer's plans. One-bedroom units at the complexes, which would be both located near Mirror Lake downtown, would rent for $248 a month.
The projects begin to address the growing affordable housing crisis in the city, said officials in praising the deal Thursday.
Citizens "have been begging for affordable projects," council member Rene Flowers said. "Here they are."
In order to build, developers still must receive a low-interest loan from the state. The developers, Kay Development Group and 908 Development Group of Jacksonville, said they may know as soon as next week if the projects will go forward.
The 80-unit Lansing apartments would be located at 1007 Arlington Avenue N. The 65-unit Sacramento would be built at 333 Dr. Martin Luther King Jr. St. N.
Fifteen units in the complexes would be available to residents who earn less than 33 percent of the area's median income; the rest would be reserved for people making less than 60 percent of the area median income.
"The Lansing and the Sacramento go a long way to providing very much needed affordable housing," developer Kristen Packard told council members Thursday.