CRA Board Approves West Tampa Affordable Housing Partnership News City Council, News Community Redevelopment Areas, News General CRA Board Approves West Tampa Affordable[...]

The Community Redevelopment Agency Board has approved a partnership between Domain Homes and the Tampa Community Redevelopment Agency's (CRA) Housing Division to build single family homes in West Tampa. The project, which is designed as a scattered-site development, will create five homes priced below the City's affordable housing sales price threshold of $450,000.

The idea of the partnership began as the CRA's Housing Division was seeking opportunities to expand affordable and workforce homeownership within the City's CRA Districts. After staff identified vacant lots along Spruce Street as potential sites for affordable housing, they discovered the lots were owned by Domain Homes and approached the developer to explore a partnership under the CRA's Unit Creation and Conversion Program. The program aims to build homes for families earning up to 140% of the Area Median Income (AMI). For a family of four, that is up to $146,000. On September 16, the West Tampa CRA Community Advisory Committee (CAC) reviewed and approved the funding recommendation for the proposed project.

"Homeownership is a primary indicator of economic success in communities," said Council Member Bill Carlson. "It creates multi-generational wealth and reduces the cost of government in subsidizing rent."

Approved Thursday was $75,000 per home, totaling $375,000, to come from the West Tampa CRA. The investment will directly benefit the West Tampa CRA Community by increasing access to affordable homeownership, and encourage long-term residency among working families, as the home's affordability period will last 50 years.

What comes next is the CRA will draft a funding agreement for the Board to approve, and the project will move forward to break ground on the homes from there.

About the Community Redevelopment Agency

The Tampa Community Redevelopment Agency (CRA) is a public entity established under the guidelines of the Community Redevelopment Act (Chapter 163, Part III, Florida Statutes) to implement community redevelopment activities within designated Community Redevelopment Areas or districts. Members of Tampa City Council serve as the Community Redevelopment Agency board, a separate public entity that handles redevelopment activities in designated areas of the city. The board works with City staff to manage projects, programs, and redevelopment funding. The Tampa's Community Redevelopment Agency board along with their Community Advisory Committees (CAC) work together to improve the quality of life within these areas or districts. Tampa's Community Redevelopment Areas or districts include Central Park, Channel District, Downtown, Drew Park, East Tampa, Tampa Heights Riverfront, West Tampa, and Ybor City.

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