Pensacola’s Community Redevelopment Agency looks to be giving up on using tax revenue from the Downtown Improvement Board on affordable housing.
In 2020, the CRA and the DIB entered an agreement where it would hold back $100,000 a year from the DIB to be used to address affordable housing, however, because of the state law that created the DIB, those funds must be spent within the 44-block area of the DIB.
City officials say the money would sit unused for years because of the DIB area’s property cost.
“Due to the growth in the downtown area, the market in the downtown area, that amount of funding towards affordable housing is very difficult to expend for that purpose,” Victoria D’Angelo, who was recently appointed CRA manager, told the City Council on Monday when it was meeting as the CRA board.
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