Hillsborough County Affordable Housing (HCAH) reported investing $54 million into the community in 2021, a crucial tool as prices skyrocket in Tampa’s housing market.
The HCAH funding directly impacted 24,300 households looking for affordable opportunities, according to a county press release.
Of the $54 million, $24.5 million went to housing programs providing down-payment assistance for first-time homebuyers, new construction of multifamily housing complexes and single-family homes, and the rehabilitation of multifamily complexes and single-family homes.
The county also invested $7.3 million for facility and infrastructure improvements to enhance surrounding communities, which impacted more than 6,300 households.
More than $12.2 million in COVID-19 funding helped cover past-due rental and mortgage payments for low-income residents, as well as aid local nonprofits that helped shelter people experiencing homelessness. Some of that funding was also directed to local day care providers to support their day-to-day needs as they cared for Hillsborough County children.
The county also aided community partners and local municipalities by funding public services, re-housing and housing stabilization programs, and infrastructure improvements that enhanced opportunities for low- and moderate-income households and people experiencing homelessness. Public services and ancillary programs received more than $11.5 million for services that impacted about 13,700 households throughout Hillsborough County.
Overall, in 2021, Hillsborough County focused on funding five key categories of areas of affordable housing: housing programs, community and public facilities, public services, COVID-19 pandemic services, and ancillary programs. The county worked with more than 40 community partners, including local municipalities, nonprofit agencies and housing developers, to administer programs and services.
Affordable housing will be a key issue going into 2022, with Tampa expected to experience the nation’s highest housing market increase in 2022, according to Zillow’s annual analysis. While home values are expected to rise, on average, 14.9% nationally, Tampa Bay’s home values are set to increase by 24.6%.
In 2022, the county plans to focus on new housing and community development projects expected to impact at least 27,000 households over the next two years.
As for citywide affordable housing initiatives, the city of Tampa recently announced that the U.S. Department of Housing and Urban Development awarded the city nearly $2 million to put toward one of its affordable housing programs.
The municipality also has put out a request for proposal (RFP) for a seven-acre property at the northeast corner of 47th and Schipman Court in East Tampa, set to be made into an affordable housing development. The city purchased the property with Community Development Block Grant funds, hoping to add more than 150 income-qualifying housing units.