WEST REGION
$2.9 Million FCLF financing (4 loans)
Financing for purchase & renovation or new construction
Providing affordable rental housing for up to 230 low-income individuals
In St. Petersburg, Florida, as in so many areas of Florida, redevelopment and property value appreciation are causing average rents to skyrocket, making finding affordable housing difficult. A new way of living and creating affordable homes is being explored through Docked Living, where residents live in a house with shared common areas – such as kitchens and laundry – and are considered house members rather than renters or tenants.
There are currently 3 Docked Living communities in St. Petersburg, and sister properties – Peace House, Innovation Village, and Faith House Florida – are owned and operated by the same entity. Properties range in size from 3 to 8 bedrooms, each with its own private bath. Common spaces are shared, and on-site amenities are included in monthly costs, such as utilities, internet, cleaning services, and some supplies. The co-living homes are designed for low-income single adults who value community and sharing. Docked Living house members have occupations such as construction worker, school teacher, artist, retail worker, restaurant server, retiree, administrative assistant, youth exiting foster care, and small business owner, to name a few. Faith House Florida includes an urban organic farm operated by residents and volunteers.
With Florida Community Loan Fund financing, Docked Living purchased and renovated additional distressed houses in areas identified for redevelopment and transformed them into attractive co-living affordable rental homes. This project brings a strong impact to the St. Petersburg area, as it provides a true affordable housing option to low-income individuals. The project also provides stable employment in construction to 16 individuals who complete renovations on the properties.
In addition to the original loans, FCLF provided a $5 million line of credit to Docked Living for the purpose of acquiring and renovating houses as they become available. Houses will be purchased and renovated into shared living spaces with affordable rents ranging from $500 to $800 per month. The line of credit will provide up to 115 affordable, shared rental homes in the St. Pete area.
Pictured above, a Docked Living co-living home. Below, shared kitchen space.
