The funding is part of the Hillsborough County U.S. bailout investment plan
To help alleviate the lack of local affordable housing, the Hillsborough County Board of Commissioners today approved up to $16.2 million in American Rescue Plan (ARP) funding for the acquisition and rehabilitation of a 96-unit multi-family rental building on Boulevard Busch.
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 that the units will be used as affordable rental housing for at least 30 years.
ARP Funds Tackle Affordable Housing Issues
The funding is part of the Hillsborough County U.S. Bailout Capital 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 County Board of Commissioners, the rehabilitation work is expected to be completed by March 31, 2024. The rehabilitated units will be rented at below market rates to residents earning 80% or less of the median income of the region.
Hillsborough County has prioritized addressing affordable housing issues, investing more than $54 million in the community in 2021, directly impacting more than 24,300 households. County-funded programs and services focus on creating new affordable housing opportunities, training residents to further their careers to homeownership, and improving infrastructure that enhances the communities that serve them. surround. For more information on Hillsborough County Affordable Housing Services, visit HCFLGov.net/affordablehousing.
About the Hillsborough County U.S. Bailout Investment Plan
The Hillsborough County U.S. Bailout Investment Plan, approved by the Board of County Commissioners (BOCC) on September 1, 2021, provides a framework for investing the $285 million in federal fiscal stimulus funds in the County. state and local coronavirus 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 some government services.
Hillsborough County-funded projects must adhere to guidelines established by the federal government while meeting the county’s unique community needs and reflecting the collective values of the BOCC in meeting the needs of residents. The acquisition and rehabilitation of the 96 Armature Place Apartments are financed under this plan by the BOCC.