In recent years, the Tampa Bay area has witnessed rising housing and rental costs, prompting initiatives to address affordability. On December 4th, marked a significant step with the groundbreaking ceremony for a new townhouse development designed for lower to middle-income families.
The rising cost of living in Tampa Bay is drawing attention and action. According to Ernest Coney, CEO of the CDC of Tampa, rental prices have soared drastically. He shared, “Something that used to be $800 is going for $1400. Something that used to be $1200 is going closer to $2,000.” This shift has necessitated a strategic approach to housing development, centered around affordability.
The CDC of Tampa has embarked on a project to transform a dirt lot on Cambio Gardens Court into the “Gardens at Diana Point North.” This endeavor involves constructing 24 townhouses, each with three bedrooms and two bathrooms. The project is buoyed by $4 million in funding from Hillsborough County, enabling the creation of housing priced significantly below market rates.
Hillsborough County Commissioner Gwen Myers emphasized the ongoing collaboration between local agencies and developers. “As we get new federal dollars and state dollars through programs like the State Housing Initiatives Partnership (SHIP), we’re constantly working with developers,” she remarked. The targeted demographic for this development includes families earning $40,000 to $50,000 annually, approximately 80 percent of the region’s median income.
Aidza Antonio Thomas, CEO of Solita’s House, highlights the changing profile of those affected by rising costs. “Before, I didn’t really work with teachers or nurses or executives. Now, that is my middle to low income because things are so expensive,” she said. Solita’s House is assisting families in preparing for homeownership within these new projects, acknowledging the broader economic challenges.
A recent Realtor.com report indicated that the median rent in the area stands at $1700, a modest decrease from the previous year. Despite this, Coney remains cautious about projections, stating, “It’s a good sign, but I don’t know how long it will last. The market is still really strong.” The new townhouses, when available, are projected to be priced $100,000 less than comparable properties, offering a more accessible option for potential buyers.
The Hillsborough Organization for Progress and Equality (HOPE) notes that while the county’s affordable housing fund has supported the construction of over a thousand units since 2019, current funding levels are insufficient to meet ongoing demand. However, projects like the Gardens at Diana Point North symbolize progress in a broader strategy to address housing needs.
Ernest Coney anticipates swift sales upon the completion of these homes, which are expected to be in high demand. “As soon as we start building, there’s going to be contracts on these homes. They go really quickly,” he noted. The CDC of Tampa is committed to continuing its efforts, with plans to build an additional 100 homes in the upcoming year.
The ongoing initiatives in Tampa Bay illustrate a proactive approach to mitigating the housing affordability crisis. By leveraging local and federal resources, agencies like the CDC of Tampa aim to provide feasible housing solutions for families struggling with the rising cost of living. The developments underway offer hope for a more balanced housing market, although challenges remain in meeting the full scope of demand.
Source: Fox13news
