Roughly $42 million in federal hurricane recovery funding is now available for affordable rental housing projects in St. Petersburg.
The funding provides a new source of capital for multifamily construction, rehabilitation and conversion projects, including individual awards of up to $15 million per project through a competitive application process funded by the U.S. Department of Housing and Urban Development’s Community Development Block Grant-Disaster Recovery program following Hurricanes Idalia and Helene.
Applications opened Monday and run through June 12 ahead of expected City Council award consideration in September. The program is part of Sunrise St. Pete, the city’s broader $159.8 million federal disaster recovery initiative.
The funding could help offset higher borrowing costs, rising insurance premiums and elevated construction expenses that continue complicating affordable and workforce housing projects across Florida, while also contributing to a broader effort across Tampa Bay to expand affordable rental inventory as cities manage population growth and post-storm housing pressures.
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City officials said the funding targets “post-disaster housing demands of low-income renters experiencing ongoing effects from the storms,” with eligible projects serving households earning up to 80% of area median income.
Under program guidelines, multifamily new construction and substantial rehabilitation projects must reserve at least 51% of units for households earning at or below 80% of area median income. Subsidies are capped at $125,000 per affordable unit, and no funding will be available for units reserved above 80% AMI.
Developers and landlords can use the funding for new construction, substantial rehabilitation and conversion projects. Rehabilitation applicants must own properties with at least 10 units, while new construction developers must demonstrate site control through deeds, purchase agreements, land leases or similar arrangements.
Eligible applicants include for-profit entities, nonprofit organizations and public housing authorities with experience developing or rehabilitating affordable rental housing projects. Applicants must also be qualified to do business in Florida, remain in good standing on state and federal taxes and not appear on federal debarment or suspension lists.
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Review committees will score applications between June 22 and July 15 before deliberating July 21. Appeals could continue through Aug. 21 ahead of City Council award consideration Sept. 17.
A cone of silence that took effect May 18 restricts applicants and their representatives from discussing the funding competition with city officials or employees outside designated channels, and violations may disqualify them from consideration.
Developers must submit applications and supporting documents through the city’s Neighborly platform, which will not accept submissions via email, mail or in-person delivery.
To learn more or access application materials, click here.
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