ST. PETERSBURG, Fla. — The city of St. Petersburg is launching a new initiative to create more affordable housing.

Mayor Rick Kriseman announced a 10-year plan to create and preserve 2,400 family units on Wednesday.

“We believe the plan will impact approximately 7,000 households,” Kriseman said, “improving life for approximately 19,000 of our current residents and those aspiring to become residents.”

These homes will be made affordable to low and middle income families whose take home income falls below or barely above the $66,900 annual median income.

More than $60 million in local, state and federal funding will be used to help those families with down payments on home purchases, renovations and lowering rent.

Nancy Bonachea recently moved into the new Burlington Post Apartment complex in town.

"I lived in an apartment in New York which was so dark and dreary, that to live here, this is like, 'Oh my God, waking up in paradise,'" she said.

Current programs have reduced her rent to less than $700 a month. That helps her manage her $1,800 a month fixed income and she says more people need to be able to afford a decent place to live like she does.

“I love the fact that I'm near everything, the stores the supermarket, doctors,” Bonachea said, “I love it. I find myself very comfortable, less stressful.”

To find out more information about the housing plan, visit