The Community Redevelopment Agency Board has approved a partnership between Domain Homes and the Tampa Community Redevelopment Agency’s (CRA) Housing Division to build single family homes in West Tampa. The project, which is designed as a scattered-site development, will create five homes priced below the City’s affordable housing sales price threshold of $450,000.
The idea of the partnership began as the CRA’s Housing Division was seeking opportunities to expand affordable and workforce homeownership within the City’s CRA Districts. After staff identified vacant lots along Spruce Street as potential sites for affordable housing, they discovered the lots were owned by Domain Homes and approached the developer to explore a partnership under the CRA’s Unit Creation and Conversion Program. The program aims to build homes for families earning up to 140% of the Area Median Income (AMI). For a family of four, that is up to $146,000. On September 16, the West Tampa CRA Community Advisory Committee (CAC) reviewed and approved the funding recommendation for the proposed project.
“Homeownership is a primary indicator of economic success in communities,” said Council Member Bill Carlson. “It creates multi-generational wealth and reduces the cost of government in subsidizing rent.”
Approved Thursday was $75,000 per home, totaling $375,000, to come from the West Tampa CRA. The investment will directly benefit the West Tampa CRA Community by increasing access to affordable homeownership, and encourage long-term residency among working families, as the home’s affordability period will last 50 years.