Jul 8, 2025
After sitting vacant for a decade, the former Edward White Hospital in St. Petersburg, Florida is being converted into affordable housing units for seniors. The revamp is part of an effort to address the affordable housing crisis and homelessness among older Americans.
The renovated facility will offer community services, like a health center, and give new life to a central community landmark.
From hospital to housing
The former hospital is centrally located in downtown St. Petersburg and near public transit, and will be redeveloped into a six-story, 121,000 square-foot residential building. The total cost of the project is nearly $44 million.
Advertisement
The renovated facility will offer 71 apartments. The St. Petersburg Housing Authority (SPHA) administrative offices will also occupy the site.
In an interview with Fox 13 Tampa Bay, Michael Lundy, SPHA president and CEO, stated, “We’re very excited about this milestone ... It’s going to be a huge asset for the city of St. Petersburg.” Lundy cites the building's "incredible importance to the larger community" as one of the reasons they decided to invest in it.
It’s set to open in 2026, and residents are expected to move in starting in the fall. Rents will be capped at 30% of adjusted income, with tenants chosen on a first-come first-served basis, along with other qualifiers such as:
- Those age 62 and over
- Priority given to St. Petersburg residents
- Those earning up to 80% of the area median income (about $63,000 for a two-person household)
- Households who are homeless or in critical need
- Those who are employed
Demand is expected to be high. Lundy shared that within the first days of applications opening, at least 500 people will sign up are — many from the 8,000 households currently on the SPHA's Section 8 waitlist and the 1,500 on its public housing list. While those lists show the scale of housing need in the area, being on them doesn’t guarantee placement in the new building.
Unlike Section 8, which provides vouchers that tenants can use with private landlords, the Edward White apartments fall under public housing, meaning the subsidy stays with the building, not the tenant. This ensures that these new units will remain permanently affordable for eligible residents.
While the project faced setbacks, including basement floods, damaged electrical systems and mold remediation thanks to hurricanes, Lundy is optimistic: "We've had some ups and downs, but we can now see the light at the end of the tunnel, and it's very, very gratifying that we're able to really serve the good citizens of St. Pete."
Must Read
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — are you doing the same?
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Robert Kiyosaki says this 1 asset will surge 400% in a year and begs investors not to miss this ‘explosion’
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
Florida’s affordable housing crisis and its impact on older Americans
Florida faces a statewide shortage of affordable housing, especially among those on fixed incomes.
Advertisement
A report from the University of Florida’s Shimberg Center for Housing Studies explains that while home prices have risen to a median of $411,600 in mid‑2024, older residents in particular are increasingly cost-burdened.
The trend continued into 2025, with Redfin reporting single-family homes prices in Florida hitting a median of $436,600 and condominium prices at $298,000.
Spectrum News Tampa adds that hotline calls regarding emergency housing from older Americans have jumped 40% since the pandemic.
But Florida is far from alone in this, as national data reinforces the domestic crisis.
The National Low Income Housing Coalition’s Gap 2025 report notes a nationwide shortage of 7.1 million affordable rental homes for extremely low-income renters. As the organization's interim president and CEO, Renee Willis, noted, "Seniors, people with disabilities and those with low wages are most severely impacted."
Many older Americans rely on fixed incomes from Social Security or pensions, which makes them especially sensitive to rent increases. In fact, late baby boomers now make up the fastest-growing group of newly homeless individuals in the U.S., a trend that’s particularly alarming in Florida, where more than 20% of the population is age 65 or older. Without enough affordable options, more people risk falling into housing insecurity at a stage in life when stability matters most.
You May Also Like
- Turning 50 with $0 saved for retirement? Most people don’t realize they’re actually just entering their prime earning decade. Here are 6 ways to catch up fast
- Inside a $1B real estate fund offering access to thousands of income-producing rental properties — with flexible minimums starting at $10
- Vanguard’s outlook on U.S. stocks is raising alarm bells for retirees. Here’s why and how to protect yourself
- Here are 5 easy ways to own multiple properties like Bezos and Beyoncé. You can start with $10 (and no, you don’t have to manage a single thing)
With a writing and editing career spanning over 13 years, Emma creates and refines content across a broad spectrum of industries, including personal finance, lifestyle, travel, health & wellness, real estate, beauty & fitness and B2B/SaaS/tech. Her versatility comes through contributions to high-profile clients like Moneywise, Healthline, Narcity and Bob Vila, producing content that informs and engages, along with helping book authors tell their stories.
