As Rents Climb, St. Pete’s Housing Safety Net Is Asking for Backup

A Funding Gap That Was Not in the Plan

Downtown development is moving fast. New apartments, higher price points, steady growth. At the same time, a long standing housing assistance program is running short.

Boley Centers is requesting $156,000 from the St. Petersburg City Council to keep its Tenant Based Rental Assistance program funded through September. The program supports roughly 20 households, about 25 individuals, who are currently housed with rental assistance. The funding allocated for the year is projected to run out about three months early.

Federal Awards vs Local Reality

Adam Morris, Vice President of Housing at Boley Centers, explained that HUD contract amounts have not kept pace with St. Petersburg’s rental market. Voucher values are based on formulas. The rental listings landlords are posting reflect something else entirely. That difference adds up quickly.

The Tenant Based Rental Assistance program covers rental subsidies, security deposits, and HUD required inspections for private units across the city. Many participants are individuals experiencing homelessness, including people with disabilities. If the supplemental funding is not approved, support for those households could end before the fiscal year does.

Council Support and the Broader Housing Pressure

Council Chair Lisset Hanewicz has expressed support for approving the funding, noting that keeping people housed is often less expensive than responding after someone falls back into homelessness. The vote is scheduled for Thursday.

This debate is landing in a city already deep in conversations about affordability. St. Pete has changed quickly over the last several years. Property values climbed, rents followed and wages have not always kept the same pace! The $156,000 request may look small in a city budget, but it sits in the middle of a bigger affordability squeeze that a lot of residents are already feeling.