In April 2025, Power Broker Magazine reported new Census data confirming that St. Petersburg’s Black population has now declined by approximately 12 percent since 2018. This marks five consecutive years of population loss, even as early Census estimates suggest modest Black population growth in surrounding Pinellas County over the same period. Rising housing costs (and the up-front cash required to close) remain major factors pushing families out of the city.
At the same time, tens of millions of dollars in local, state, and nonprofit assistance sit unused each year. Many eligible buyers don’t know where to look or assume the process is too complicated. But closing cost assistance programs are one of the most powerful and underutilized tools to support Black homeownership and help keep generational wealth rooted in Tampa Bay.
Here are four programs every first-time buyer should know:
1. Florida Hometown Heroes (FHH)
What it is: A statewide program offering up to 5% of the mortgage amount (up to $35,000) toward down payment and closing costs. It’s open to any full-time Florida-based employee earning 150% or less of the area median income (AMI).
Why it matters: In 2024, Florida legislators replenished FHH with $100 million. The last round of funds ran out in less than six months. Apply early and work with a lender approved by Florida Housing Finance Corp.
2. Pinellas County Purchase Assistance
What it is: Up to $75,000 in deferred-payment loans for first-time buyers earning under 80% AMI, fully forgiven after 30 years of occupancy. Funds cover closing costs and down payments.
Pro tip: Buyers purchasing in St. Petersburg may also qualify for the city’s Purchase Assistance Program. That adds up to another $60,000 in forgivable assistance, potentially $75,000 if proposed funding increases are approved. Combined, these programs can eliminate the need for any up-front cash in certain price ranges.
3. City of Tampa Dare to Own the Dream
What it is: A 0% interest, deferred second mortgage of up to $50,000 for first-time buyers earning up to 140% AMI. The loan is repayable if the home is sold, refinanced, or no longer owner-occupied.
Why it matters: These funds can be used for resale or new construction, offering flexibility in a tight inventory market.
4. Tampa CRA Down Payment Assistance (Introduced in 2025)
What it is: A zero-interest, deferred second mortgage of up to $50,000 for first-time buyers purchasing within one of Tampa’s Community Redevelopment Areas (CRAs), such as East Tampa, West Tampa, Ybor City, and the Downtown Core. Assistance is tiered by income: $50,000 for households earning up to 80% of the area median income (AMI), $40,000 for those up to 120% AMI, and $30,000 up to 140% AMI. The loan is fully forgiven after 20 years of continuous owner occupancy.
Why it matters: Tampa’s CRA districts include some of the city’s most historically Black neighborhoods. This program reinvests public funds directly into those communities. When combined with the City of Tampa’s Dare to Own the Dream program, eligible buyers may access nearly $90,000 in total support, which can be enough to eliminate nearly all up-front costs in many cases.
3 Myths That Stop Qualified Buyers
“I need a perfect credit score.”
Not true. Most programs accept scores as low as 620, though Florida Hometown Heroes specifically requires 640 or higher.
“Assistance will delay my closing.”
When working with an experienced lender, layered programs typically add just a few extra business days.
“Income limits are too strict.”
Many programs now go up to 140 to 150% of AMI. That’s about $135,000 for a family of four in Tampa Bay.
How to Get Started
- Pull a free credit report at AnnualCreditReport.com and clear up any errors early.
- Meet with a HUD-approved counselor. Many agencies will help with paperwork and budget planning at no cost.
- Ask your lender for a “TBD underwrite.” This gives you full loan approval before house shopping.
- Watch the calendar. Many programs renew funding on July 1 with the new fiscal year. Early applicants often have the best shot.
The Bottom Line
Homeownership remains one of the most reliable paths to long-term financial security. Closing cost assistance helps level the playing field and open that door for more families.
With Tampa Bay’s median home price nearing $420,000, securing $15,000 to $50,000 in support can mean the difference between renting and owning. More importantly, it helps families stay in the communities they’ve helped shape and continue building wealth where their roots already run deep.
Author Bio:
Jordan Vreeland is the founder of 14 Days to Close, a Tampa-based mortgage company helping families navigate the financing process with speed, clarity, and confidence. He’s worked with hundreds of local buyers and is passionate about making homeownership more accessible across Tampa Bay.
