St. Petersburg Housing Authority Receives $1M Grant for Senior Housing and New Headquarters

Valley Bank helps secure funds through Federal Home Loan Bank of New York program for redevelopment of former Ed White Hospital

A $1 million grant is bringing the St. Petersburg Housing Authority's (SPHA) plan to redevelop the former Ed White Hospital in St. Petersburg into affordable housing for local seniors, in addition to serving as SPHA's new headquarters, closer to fruition. SPHA received a $1 million grant from the Federal Home Loan Bank of New York (FHLBNY) for the $29 million project.

Once redeveloped, the six-story, 121,000-square-foot building in the North Kenwood neighborhood will feature 71 apartments for low-income seniors. In addition, the property will house SPHA's new headquarters, plus 1,939 square feet of leasable office space.

"This location seemed an ideal place for our administrative offices, as it will bring us closer to the people we serve," said Michael Lundy, President and CEO of SPHA. "It also opens up the opportunity for us to consider future efforts in the area which includes a local park and walking trails."

The $1 million grant from FHLBNY's Affordable Housing Program was secured through the sponsorship of its financial partner Valley Bank, who is a member bank of the national network. Valley Bank's corporate social responsibility team identified the opportunity and supported the application. SPHA was the only Florida recipient of FHLBNY's $42 million in subsidies to qualified affordable housing initiatives across nine U.S. states and territories this year.

"The success of their application was largely due to the population that will be served and SPHA's reputation as a strong provider of housing services in our community," said Rainer Pelzel, commercial relationship manager at Valley Bank. "St. Petersburg has experienced sky-rocketing rent and home prices, and SPHA is not just helping with the affordable housing need, but also helping to make their clients financially independent through the resources they provide."

SPHA serves more than 4,000 low-income households in St. Petersburg and part of their mission is to enhance and promote resident self-sufficiency. They do this through a variety of social services programs with SPHA's team offering one-on-one support, tools and resources. Key programming includes their Family Self-Sufficiency (FSS) Program, Homeownership Program (HOP) and Resident Support Services (RSS) program.

The planned redevelopment of the former Ed White Hospital is another way that SPHA is working to create opportunities for stronger communities. The project is expected to break ground on construction in the first quarter of 2024.

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