ST. PETERSBURG, Fla. — Homebuyers in South St. Pete may soon be eligible for even more help with down payments and closing costs.

The city’s Affordable Single-Family Homeownership Program gives buyers who make less than 120% of the Area Median Income (AMI) assistance with buying a home.

The program launched in 2018 when buyers were eligible for up to $20,000 in down payment assistance and the total has slowly grown over the last six years. Currently, buyers are eligible for up to $60,000 in assistance.

If approved by the St. Pete City Council on Thursday, that total could increase to $75,000.

Katasha Bryant closed on her first home just days before Christmas. After having to move from rental to rental while raising her five kids, she says she’s grateful to have finally achieved this lifelong goal.

“I’m just grateful,” she said. “It’s unbelievable because I never thought it would happen.”

Bryant’s career has been in customer service, which is something she says she thoroughly enjoys. Her income, she says, just couldn’t support buying a home while her children were young.

“The down payment assistance got me $60,000 towards my home which brought my payment down,” she said. “I appreciate that. Who wouldn’t?”

The program is specifically for buyers who are looking to purchase in the 7.3 mile stretch of the city that’s considered the South St. Petersburg CRA.

The down payment assistance is paid for using tax increment financing through South St. Pete CRA funds. Through that system, part of the tax money collected from South St. Pete gets reinvested back into the same area.

The program’s organizers say anyone looking to utilize the down payment assistance should talk to their lender, as many of the local banks know how to start the process with the city.