St. Petersburg has opened applications for developers who want $42 million in federal funds. The money will build and fix rental units. Families who earn 80% or less of what’s typical in the area can live there. The Affordable Rental Housing Program takes applications until 5 p.m. on Friday, June 12.

The money come from the U.S. Department of Housing and Urban Development provided Community Development Block Grant Disaster Recovery funds. Congress approved this after Hurricane Idalia hit in 2023 and Hurricane Helene struck in 2024.

Officials will pick winners through a competitive review. Projects need at least 10 units. Low-to-moderate-income families are the focus.

St. Petersburg is one of just two Florida cities to receive a direct federal disaster recovery award this large. This funding is part of Sunrise St. Pete, a $159.8 million program created after the 2024 hurricane season.

These funds are allocated to aid in long-term recovery, housing, and infrastructure based on impacts from Hurricanes Idalia and Helene,” St. Pete officials said in a press release, per WTSP.

Federal rules are strict. At least 70% of all disaster recovery money must help families earning up to 80% of what’s typical in the area. A single person qualifies at about $64,250. Two people? That’s $73,400. Three people hit the mark at $82,600.

City officials say housing became one of the biggest unmet needs after both storms. Homes took damage. The market got tighter. Rents climbed. Fewer housing options existed in flood-prone areas, which squeezed residents harder.

What can the program pay for? New construction, fixing up old buildings, changing buildings to new uses, and improvements that protect against future storms. A draft action plan from earlier this year showed that about two-thirds of federal money would go to housing projects — rental housing, home repairs, making buildings stronger, and buying out properties in risky spots.

Developers who want funding must follow rules. They have to keep rents affordable for years. They must allow monitoring and meet federal reporting requirements. Applicants must reveal any conflicts of interest and follow federal procurement and fair housing laws.

The guidelines released this month are version 1.1 of the program. Earlier drafts came out in March. Application materials are on the city website.