Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing Policy topic
No spam. Unsubscribe anytime.
Council approves CRA amendments to expand loan program and ADU incentives in South St. Petersburg
Summary
Council adopted amendments expanding the South St. Petersburg Affordable Housing Redevelopment Loan Program to include land-acquisition reimbursement, developer incentives and ADU construction incentives with affordability periods tied to award size.
The City Council approved amendments to the South St. Petersburg CRA affordable housing redevelopment loan program that broaden eligible project types and add new incentive tiers for accessory dwelling units (ADUs).
Doctor Sliker presented the package, which adds land-acquisition reimbursement (half the land cost up to a minimum $40,000 for qualifying single-family affordable homes), developer incentive payments for constructing or renovating affordable homes, multifamily scoring criteria, and a new ADU incentive that can cover up to 40% of project construction. Affordability periods are tied to award amounts: awards under $15,000 require a five-year affordability period; $15,000 to $40,000 require 10 years; awards over $40,000 require 15 years.
Council members asked for guardrails around the ADU support, noting recent permit activity and a staff estimate that average ADU cost is about $250,000 for 800-1,200 sq ft units. Administration said it intentionally left no hard cap initially to observe program demand and will monitor and return with recommended limits.
Council moved and approved the resolution recommending the amendments and authorized staff to finalize program procedures and monitoring protocols.
