Affordable housing projects get a boost from Hillsborough County
By Henry Queen
Tampa Bay Business Journal
Published: Oct 19, 2022

Hillsborough County leaders gathered Tuesday to promote a new affordable housing project on Busch Boulevard.

Commissioners approved in September up to $16.2 million in federal money from the 2021 American Rescue Plan Act to rehabilitate a 96-unit multifamily rental property near the University of South Florida. The complex, called Armature Place Apartments, will be used as affordable housing for 30 years, according to the county.

The complex was built in 1985, according to Hillsborough County property records. Meadow Wood Property will be the property manager, and the Corporation to Development Communities of Tampa, a nonprofit, will partner with the county to rehabilitate the apartments. Construction is expected to be completed by spring 2024.

"[Meadow Wood] bought the property with the idea that they were going to participate in some way," Hillsborough Commissioner Kimberly Overman said. "So we reached out to them and said, 'Hi, are you willing to partner with this issue?' And they agreed, in exchange for capital infusion on the renovation and said they would keep all the apartments ultimately within code as far as safe housing."

Most of the units at the complex used to be market rate, according to Overman. The other units (approximately 40%) were set aside for individuals earning 30% and 50% of the area median income. All 96 units will now be set aside for those earning salaries at or below 80% AMI, Overman said.

New affordable housing developments can be tough to make work financially. Renovations to existing properties — and free government money — can be one step in the fight against the affordable housing crisis in Tampa and Hillsborough County.

Investing in child care is also critical, Overman said.

"Employers can't find workers because they oftentimes will say people don't want to work," Overman said. "People want to work, but frequently they can't afford to. They can't afford child care; they can't afford housing. They can't afford not owning the car or having two or three cars."

On Wednesday, the county will consider allocating $6.92 million for the acquisition and rehabilitation of a combination of 28-unit multifamily rental properties located at 1415 East 140th Ave., 1416 East 140th Ave. and 13111 North 23rd St.

Supply chain issues have delayed another initiative — the rehabilitation of four single-family homes — by six months, according to the county's consent agenda.

In 2021, the county dedicated $54 million to affordable housing.

"It's a win-win," Overman said.