Bank aims to woo landlords with new $5 million Section 8 housing loan program

BayFirst takes a new tact in the ongoing affordable housing crisis.

By Amanda Postma
| 5:00 p.m. September 15, 2023
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The first phase of Sarasota Housing Authority's Lofts on Lemon offers 128 units are priced at workforce and affordable housing levels, all at 100% or less of AMI.

Manatee-Sarasota

A new loan program has been unveiled at St. Petersburg-based BayFirst National Bank with the intention of getting landlords to build more Section 8 housing.

The program provides 80% financing on a 30-year amortization, meaning landlords will have a set amount to pay each month. BayFirst, a $1.08 billion-asset bank with locations in Hillsborough, Pinellas, Manatee and Sarasota counties, has pledged to get the program started with a $5 million investment. Section 8 is a federal government program to assist low-income families, elderly and disabled afford housing.