Affordable Apartment Complex Breaks Ground in Largo
The complex is a public-private partnership funded in part with money from the Penny for Pinellas sales tax.
LARGO – A groundbreaking is scheduled Wednesday (May 10) for an apartment complex designed to provide housing for people of various income levels.
Palms of Pinellas is a 92-unit mixed-income housing development centrally located in Pinellas County which will offer a new housing option for the local workforce at various income levels.
Palms of Pinellas will offer one-, two- and three-bedroom apartment homes at mixed-income levels in support of the county’s strategic goal to foster continual economic growth and vitality.
Income limits will apply to all units and not exceed 150 percent of the area median income with 10 units restricted to 80 percent of area median income and an additional 19 units further restricted to 50 percent of this level.
The total project cost is $13.8 million. Primary construction financing is being provided by USAmeriBank. The development is made possible through a $938,000 investment from the Affordable Housing Land Assembly Fund, supported by the Penny for Pinellas 1-percent sales tax. Additional development loan financing in the amount of $1.5 million is being provided by Pinellas County using federal HOME Investment Partnerships Program funds and local housing trust funds.
As the landowner, the county can ensure the apartments will remain at an affordable level into the future.
For information about the Pinellas County Housing Authority, go to pinellashousing.com.
Pinellas County | Palms of Pinellas | Affordable Housing | Tampa Bay News | TB Reporter
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