Affordable Homes for Seniors: 80 New Apartments Rising in St. Pete!

438 106th Ave N, St. Petersburg, FL, 33716, USA - A remarkable development is underway in St. Petersburg with the construction of a new affordable apartment community, Flats on 4th, situated in the Gateway area. This project, fueled by a strategic public-private partnership, aims to provide 80 apartments specifically for local seniors with very low incomes. Designed to tackle the pressing housing affordability issues faced by many older adults, Flats on 4th is set for a grand opening in the near future.

The apartments will cater primarily to individuals earning between 40% and 60% of the Area Median Income (AMI), with 75 units reserved for this demographic. An additional 5 apartments will specifically target households earning just 22% of AMI, addressing a crucial need in our community. The project’s location at 438 106th Ave N will make it a central hub for seniors looking for affordable housing options.

Funding and Support

The project is part of a larger initiative to increase the availability of affordable housing within the area. Archway Partners, a Florida-based development company, is spearheading this endeavor. With an estimated cost of $36 million, the funding responsible for bringing Flats on 4th to fruition includes significant contributions from various local authorities. Pinellas County is stepping up with $2.9 million from its Penny for Pinellas program, facilitating land acquisition aimed at ensuring long-term affordability.

Moreover, the City of St. Petersburg is providing $4.39 million through the American Rescue Plan Act, reflecting a strong commitment to the community’s housing needs. The Pinellas County Housing Finance Authority has also played a pivotal role, issuing $17.75 million in tax-exempt mortgage revenue bonds to support low-income housing tax credits, ensuring the project remains financially viable.

A Broader Housing Challenge

The Flats on 4th project is a timely response to a growing housing crisis. Rising housing costs across the U.S. have outpaced income growth for over three decades, creating significant challenges for older adults—many of whom are seeing their financial security threatened. While most older adults own their homes, they are not immune to rising property taxes and maintenance costs. According to a study published in the National Institutes of Health, the proportion of homeowners aged 65 and over who hold mortgages has surged from 25% in 1998 to 37% in 2019, resulting in increased vulnerability to cost burdens. In fact, a staggering 26% of seniors are financially stretched, coming only after younger individuals under 25.

As rental prices continue to climb, this demographic faces ongoing challenges. The same study indicates that 54% of renters aged over 65 are cost-burdened, often spending half or more of their income on housing. Efforts like the Advantage Pinellas Housing Compact are vital as they assist thousands in securing affordable housing and promote consistent housing policies aimed at addressing these issues effectively.

Flats on 4th is a beacon of hope, offering affordable options to seniors at a time when such opportunities are dwindling. As we move forward, continued collaboration among local governments and organizations will be essential in tackling the pressing need for affordable housing, ensuring that the most vulnerable among us can find stability and security in their living situations.

For more about the Flats on 4th project, refer to Pinellas County News. To dive deeper into housing data and planning, check out HUD User. Lastly, for insights on the housing challenges facing older adults, visit NCBI.