Hillsborough Approves $16.2 Million for Affordable Housing Project
To help alleviate the lack of local affordable housing, the Hillsborough County Board of County Commissioners today approved up to $16.2 million in American Rescue Plan (ARP) funding for the acquisition and rehabilitation of a 96-unit multifamily rental property on Busch Boulevard.
Armature Place Apartments, 4131 E. Busch Blvd., Tampa, FL 33617, will provide affordable housing opportunities for low-income residents. A land use restriction agreement, mortgage, and promissory note will ensure the units will be used as affordable rental housing for a minimum of 30 years.
ARP funds address affordable housing issues
The funding is part of Hillsborough County's American Rescue Plan Investment Plan. The Corporation to Develop Communities of Tampa, Inc. will use the funding to acquire and rehabilitate the apartment complex.
According to the contract approved by the Board of County Commissioners, rehabilitation work should be completed by March 31, 2024. The rehabilitated units will be rented at below-market rates to residents making 80 percent or less of the area median income.
Hillsborough County has prioritized addressing affordable housing issues, investing more than $54 million into the community in 2021, directly impacting more than 24,300 households. The programs and services funded by the County focus on creating new affordable housing opportunities, training for residents to further their careers in order to afford home ownership, and infrastructure improvements that enhance the communities around them. For more information on Hillsborough County Affordable Housing Services, visit HCFLGov.net/affordablehousing.
About the Hillsborough County American Rescue Plan Investment Plan
The Hillsborough County American Rescue Plan Investment Plan, approved by the Board of County Commissioners (BOCC) on Sept. 1, 2021, provides a framework for investing the $285 million in federal Coronavirus State and Local Fiscal Recovery Funds in the community.
The funding will support vital projects throughout the county related to water, sewer, and broadband infrastructure; public health response; negative economic impacts; and revenue replacement for certain government services.
Projects funded by Hillsborough County must meet the guidelines established by the federal government while addressing the County's unique community needs and reflecting the BOCC's collective values in addressing residents' needs. The acquisition and rehabilitation of the 96-unit Armature Place Apartments is funded under this plan by the BOCC.