ST. PETERSBURG, Fla. \u2014 With affordable homes in short supply and borrowing costs creating additional challenges for prospective buyers, the St. Petersburg Housing Authority is working with local real estate professionals to help more low-income families achieve homeownership.<\/p>\n
The housing authority hosted a Homeownership Access & Opportunity Roundtable on Tuesday, Sept. 22, at Jordan Park, bringing together Realtors and housing professionals to explore ways to overcome barriers facing first-time homebuyers in Pinellas County.<\/p>\n
Jordan Park, one of Florida\u2019s oldest federal public housing developments, has undergone revitalization into a modern, mixed-income community. But Housing Authority President and CEO Michael Lundy said providing affordable rental housing is only the beginning.<\/p>\n
\u201cOur residents are very engaged in becoming self-sufficient and moving beyond our affordable housing programs as we know it,\u201d Lundy said.<\/p>\n
So far, 32 families have achieved homeownership through the authority\u2019s program, which provides eligible residents with education, resources and support to help them purchase their first homes.<\/p>\n
However, Lundy said the limited supply of affordable homes in St. Petersburg remains a major obstacle.<\/p>\n
\u201cOne of the issues in St. Pete is that there\u2019s not as many houses on the market and the ones that are on the market are not affordable for our clientele,\u201d he said.<\/p>\n
Finding alternatives to traditional homeownership<\/p>\n
Higher borrowing costs can further limit purchasing power for families already struggling to find homes within their budgets.<\/p>\n
Lundy said the housing authority is exploring alternative approaches to help more residents make the transition from renting to owning.<\/p>\n
\u201cWell, it has a significant impact in terms of what they can afford to purchase. Again, what we focus on are some of the alternative approaches to purchasing homes,\u201d Lundy said.<\/p>\n
Tuesday\u2019s roundtable gave real estate professionals an opportunity to discuss the local housing market, share expertise and identify potential solutions.<\/p>\n
Realtor Morgan Morris, who participated in the discussion, said collaboration could help expand opportunities for prospective buyers.<\/p>\n
\u201cWe collaborated, and there\u2019s going to be some great things in the works,\u201d Morris said.<\/p>\n
For Morris, the effort is also about helping families establish long-term financial stability.<\/p>\n
\u201cWhat\u2019s rewarding to me, being able to help families build generational wealth and obtain homeownership that never thought they would be able to do so,\u201d Morris said.<\/p>\n
Housing vouchers offer another path to ownership<\/p>\n
Kiara Lovett, SPHA\u2019s director of social services, said eligible Housing Choice Voucher recipients may be able to use their rental assistance toward homeownership expenses, including mortgage payments.<\/p>\n
Under federal guidelines, assistance generally lasts up to 15 years for mortgages of 20 years or longer and up to 10 years for shorter mortgages. Those limits do not apply to qualifying elderly families or families with disabilities.<\/p>\n
Lovett said the opportunity is particularly important for families with deep roots in St. Petersburg who want to remain in the community.<\/p>\n
\u201cIt\u2019s what\u2019s most important to me is to allow the families that are born and raised in Saint Petersburg, specific with Pinellas County as a whole, that they get to raise their families here,\u201d she said.<\/p>\n
The housing authority serves more than 4,000 low-income households. Officials hope collaboration with local real estate professionals will help more families achieve financial stability and build generational wealth through homeownership.<\/p>\n