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CDC, lenders team up to open new affordable homes in East Tampa

This three-bedroom home is one of 13 being built by the Corporation to Develop Communities of Tampa to bring new housing options to underserved communities

The first three of 13 homes being constructed by the Corporation to Develop Communities of Tampa with affordable housing opportunities in mind are just weeks away from completion.

Frank Cornier, the CDC’s VP of real estate development, says the Beacon Homes project falls in line with his organization’s goal of supporting communities throughout Hillsborough County and improving quality of life for residents in East Tampa.

“Being able to create those affordable homeownership opportunities is key to what we do,” he says.

So far, CDC has seen no shortage of interest in the homes. One home is currently under contract while about six potential buyers are hoping to qualify for the other two, which are expected to be complete in the next two weeks.

Cornier says seven of the 13 homes, which are located along North 34th Street at East 28th Avenue, are for families who take home $47,350 or below annually – 80 percent of the area median income for a family of four. The next six will be for families who earn 120 percent of the area median income with $71,040 annual pay for the same-size family.

The first group of homes will sell for $165,000 but the cost of the second group might see an increase. Eligible buyers can receive up to just under $30,000 in down payment and closing cost assistance.

“That enables someone to be able to purchase a home with about $3,000 out of their pocket,” says Cornier, noting how important that assistance is in furthering this project’s goal.

The total budget for the project, which is a joint effort with the city of Tampa and the Tampa Housing Authority, is between $2.5 and $2.8 million. Financing comes from the city and the Florida Minority Impact Housing Fund, designed to revitalize marginalized communities across the state.

For more information or if you are interested in purchasing a home, visit CDC online.

Read more articles by Patrick Kelly.

Patrick Kelly is a writer and editor for 83 Degrees Media in the Tampa Bay region of Florida.
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