City of St. Petersburg Purchase Assistance Program
How much assistance
Up to $75,000 (20% of sales price plus $5,000 for closing costs) (Forgivable Loan)
Zero percent interest secondary mortgage. For buyers at or below 80% AMI: 100% forgiven after 10 years of continued occupancy. For buyers at 81-140% AMI purchasing in the South St. Petersburg CRA: 100% forgiven after 10 years. Above 80% AMI outside CRA: repayment terms apply.
Eligibility
- Income limits: Total annual household income cannot exceed maximum annual income limit set by HUD (up to 140% AMI for CRA area).
- Purchase price limit: $544,233
- First-time buyer required: Yes — Must be a first-time homebuyer.
- Geographic restrictions: Property must be located within City of St. Petersburg municipal boundaries. Enhanced terms available for purchases within the South St. Petersburg Community Redevelopment Area.
- Homebuyer education required: Yes
How to Apply for City of St. Petersburg Purchase Assistance Program
Step 1: Must contribute 1% of sales price from personal funds. Complete homebuyer education through a HUD-approved counseling agency. Have property inspected by a licensed home inspector. Application submitted by lender on behalf of homebuyer. Contact (727) 893-7247 or (727) 892-5572.
Notes
SHIP-funded Purchase Assistance is currently very limited and not accepting citywide applications. The CRA-funded Purchase Assistance Program for South St. Petersburg CRA remains active and accepting applications.