To assist homebuyers, Habitat would only require $1,000 in closing costs with no down payment and a no interest mortgage. Additionally, no private mortgage insurance (PMI) would be required.

Habitat projects an average sales price of $225,000 per unit. Monthly expenses, including a mortgage payment, taxes, insurance, and HOA fee, are estimated at $1,075.

“We believe our resource center just blocks away from the site location will be a tremendous benefit for recruitment,” stated Habitat for Humanity in their submission to the City. “We intend to partner with community partners, such as first-time homebuyers’ programs and potentially the city to hold homeownership information events for residents.”

Habitat for Humanity has significant development experience particularly working within the South St. Petersburg CRA and have completed well over 200 homes in St. Petersburg. Additionally, Habitat has proposed a 44-unit townhome project on another city-owned lot three blocks away.

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