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Development News

Tampa Fixes Neglected Homes, Benefits People And Charities

Tampa neighborhoods are being revitalized thanks to the city of Tampa's Neighborhood Stabilization Program and its $13.6 million in funds. The program is a win-win situation for homeowners, renters, the city and Tampa charitable organizations.

According to city officials, 30 homes will be repaired and sold to eligible home buyers, 18 lots will be preserved for future building, 77 rental units will be renovated and an additional 14 will be constructed to provide homes for low-income families and an income stream for Tampa charities.

"We are extremely pleased that the Neighborhood Stabilization Program has provided the resources to take abandoned property and to redevelop it for new homes for our community," says Cynthia Miller, the city's Growth Management and Development Services director. "We look forward to the jobs that will be created as the homes and apartments are renovated."

According to Miller, the program is designed to provide homes for purchase to eligible buyers who earn up to 120 percent of area median income and rental units to individuals and families who earn 50 percent less than area median income.

Home buyers will be required to come up with 80 percent of the mortgage through a loan or other means. The city will provide the down payment. The exact percentage of down payment assistance will depend upon the cost of the house and the income level of the family. "The city loan will never have to be repaid as long as the house is inhabited," says Miller. "Once it sells, the homeowner must pay the city back."

The rental homes will be owned by charities that will operate the rentals under requirements dictated by the city. "Rents will be monitored to make sure rent stays compatible with the agreement," says Miller.

Writer: Missy Kavanaugh
Source: Cynthia Miller, City of Tampa

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