Pinellas County officials review affordable-housing program funded largely by ‘Penny’ sales surtax

Pinellas County commissioners heard a briefing May 15 on the county’s affordable-housing development program and the role of the voter-approved “Penny for Pinellas” surtax in funding it.

Consultant Caitlin Johnson of SB Friedman told the commission the Penny program — an infrastructure surtax voter-approved in 2017 — allocates 8.3% of net proceeds to affordable housing and economic development; half of that portion supports the countywide affordable-housing program. "The Penny is generated by the extension of the infrastructure sales surtax…approved in 02/2017 by 83% of the voters," Johnson said.

The consultant said the county has approved 42 projects since February 2019, totaling 3,578 units, with roughly 76% of those units designated as affordable and 24% market-rate. She said about $101.9 million in county funds have been approved for the program, including nearly $85 million from Penny funds, and that Penny money now makes up about 83% of county funds approved for this program. Johnson said the program typically leverages other sources; for every $1 of program investment the county provides, it supports roughly $9 of additional investment.

Why it matters: rising housing costs and limited production. SB Friedman said housing costs in Pinellas County have…