Revitalizing, Investing, Strengthening, Enhancing … that’s the goal of the RISE Development Corporation, which is SPHA’s new non-profit arm. On June 28, 2016, the By-Laws for the corporation were approved by its Board of Directors, who also serves as SPHA’s board, and Commissioner Stewart Olson was elected as Chair.
The purpose of RISE Development Corporation is to create more affordable rental housing options in the Greater St. Petersburg region through new construction or the renovation of existing multi-family properties.
Chairman Olson said, “RISE Development Corporation represents the future of affordable housing in St. Petersburg. By minimizing our reliance on federal subsidies and by maximizing community partnerships, we will be able to do more to close the affordable housing gap and to give families in need more quality rental opportunities.”
RISE Development Corporation’s first acquisition will be Jordan Park Apartments in Midtown. RISE also has secured land for the first campus of accessible veterans housing and is looking into financing options for its construction.
In addition, RISE Development Corporation will assume the management of SPHA’s Affordable Housing program, which operates without any federal funding, and will expand that program to include more mixed-income developments. The existing Affordable Housing properties, Saratoga Apartments on 32nd Avenue North and Palm Bayou Apartments on 1st Street North, offer rental units at below market rates and are great low-cost options for the general public.