St. Pete Approves $40.85M in CDBG-DR Funds for 645 Affordable Units
St. Petersburg approved $40.85 million in CDBG-DR funding for six affordable rental projects totaling 645 units across multiple sites.
St. Petersburg approved a $40.85 million affordable housing package funded through federal CDBG-DR dollars. The awards support six rental projects across multiple sites, delivering 645 affordable units.
The package moved from proposed to approved status this week. All 645 units are designated affordable. The funding comes from the city's HUD disaster recovery allocation, received following hurricane damage to the region.
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CDBG-DR funds typically rebuild disaster-damaged housing stock and expand affordable options for low- and moderate-income households. The awards rank among the city's largest single commitments of disaster recovery money to rental housing.
With approvals in place, the projects advance to compliance review, financing closings, and construction scheduling. The city administers the funds and monitors compliance with federal affordability requirements.
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