As housing affordability remains a top issue for residents and those hoping to move to the area, the City of Tampa is taking major steps to address long-term housing development and preservation. With historic levels of investment from the City of Tampa and the Tampa Community Redevelopment Agency (CRA), more than $82 million in funding will be put toward making Tampa more affordable for renters and homeowners.
Nearly 40 percent of Tampa residents are housing cost-burdened, meaning more than 30 percent of their monthly gross income goes toward paying for housing.
The Tampa Housing Implementation Plan identifies the gap in Tampa’s housing supply, examines what steps have been taken to address the housing shortage, and lays out Tampa’s housing affordability and how to achieve them.
As we better understand Tampa’s unique housing landscape, Tampa City Council has set forth five goals: expand temporary housing options, prioritize seniors and those with disabilities, ensure safe housing for low-income residents, leverage City resources to fill the gaps in funding, and stabilize neighborhoods vulnerable to displacement. These goals will be addressed through investing more money to support the creation of affordable places to live, as well as land use changes to support housing for all Tampa residents over the long-term.
“If we do not act on today’s affordability challenges with a strong response, these issues will linger and intensify,” said Nicole Travis, the City of Tampa’s Administrator of Development and Economic Opportunity. “We want to continue to be the city that offers both an affordable lifestyle and exceptional economic opportunities. Housing affordability is an economic imperative, impacting the strength and resilience of our community.”
To learn more about how the City of Tampa will continue to address the housing crisis, including short-term program plans and funding allocations, visit https://www.tampa.gov/deo/2024-housing-implementation-plan.