St. Pete increases housing assistance programs in response to rising costs
February 8, 2022 - The City of St. Petersburg announced significant changes to its Down Payment Assistance program Tuesday in the hopes of making the program more attainable and effective. In response to the affordable housing crisis, the city is increasing the maximum amount of down payment assistance to $60,000 for first-time homebuyers. The city also allows forgiveness of the assistance for those earning at or below 80% of the annual median income (AMI) after 10 years of continued occupancy. Residents earning above 80% AMI can receive forgiveness for half the assistance after 10 years. The same stipulations now apply to the city’s Homeowner Rehabilitation Assistance Program. The city is also expanding assistance for developers constructing affordable, single-family homes within the South St. Petersburg Community Redevelopment Area.