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.
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
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.
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."
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