Tampa picks up $100M in stimulus funds for housing initiatives

Tampa Bay Business Journal

More money is coming into the Encore development planned for the Central Park Village area in Tampa.

U.S. Rep. Kathy Castor, D-Tampa, said $38 million of the $2 billion investment from the American Recovery and Reinvestment Act will go to the Tampa Housing Authority to help get the proposed $800 million multi-use residential project off the ground. Castor said she lobbied the U.S. Department of Housing and Urban Development to award this money.

In addition to the $38 million for Central Park, Neighborhood Lending Partners is receiving $50 million for housing initiatives in Pinellas and Pasco counties. Pinellas residents will benefit from homebuyer assistance and rehabilitation assistance, including soft-second mortgages with no interest.

Pinellas County and the Housing Finance Authority of Pinellas County plan to redevelop vacant properties and sell them to eligible homebuyers, a move Castor said would boost property values in the surrounding neighborhood.

Florida is receiving $348 million, more than any other state, including $100 million for the Tampa Bay area.

“President Obama clearly recognized the quality of our community efforts and the extent of our needs,” Castor said in a release. “Now all of the pieces are in place to follow through with our community’s commitment to revitalize the neighborhood that connects East Tampa, Ybor City, Tampa Heights, the Channel District and downtown Tampa. Rebuilding this important area will raise property values, put hundreds of families into safe, affordable housing, and create new employment opportunities throughout the Tampa Bay area.”

For Encore, THA is working with the city and Banc of America Community Development Corp. to redevelop a 28-acre site off Nebraska Avenue between downtown and Ybor City. The venture also includes the acquisition and rehabilitation of more than 120 vacant or foreclosed residential properties in the area, as well as an expansion of down-payment assistance and loan initiatives to help families.