Great news for new home-buyers and extant homeowners in the South St. Pete community. On July 11, the city approved a request to increase rehabilitation assistance from $45,000 to $60,000 under the “Affordable Single-Family Homeownership Program”.
The city further resolved a sub-program, the Rapid Roof Replacement Program, which assists homeowners in the South St. Pete community who need roof replacement and related repairs. Households at or below 120% of AMI (Area Median Income) are eligible for the Rapid Roof Replacement Program.
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City directs taxes back into South St. Pete community
The approved increase in rehabilitation assistance and the Rapid Roof Replacement Program amend a larger community redevelopment plan put in motion on May 21, 2015, addressing the entire 7.4 square-mile area of South St. Pete.
As per the St. Pete City Council documentation, “One of the primary goals of the South St. Petersburg Plan is to utilize the revenues generated from the South St. Petersburg tax increment financing district to provide direct support for private investment in the redevelopment of residential and non-residential properties.”
The current program already provides down payment and closing cost assistance for first-time homebuyers, rehabilitation assistance, barrier-free mitigations, homebuyer education, credit counseling, and foreclosure assistance.
Check your eligibility for assistance here.
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