In just one year since launching the Rental to Homeownership Program, the city of Tampa has successfully provided five families with affordable housing and a pathway to homeownership. City of Tampa leaders will come together on Friday, December 13, to celebrate the first anniversary of the program, a partnership with Rebuilding Together Tampa Bay and Solita's House.
Rental to Homeownership is designed to help families transition from renting to owning their own homes. Rebuilding Together Tampa Bay constructed five houses, transforming them into rental properties that prioritize affordability.
To ensure the financial feasibility for families, rent is capped at no more than 30% of their gross monthly income. Among the five inaugural families participating in the program, each earns below 80% of the Area Median Income (AMI), which is around $76,400 for a family of four. Three of the families benefit from Section 8 assistance, while the remaining two receive in-house subsidies from Rebuilding Together Tampa Bay.
"Having a manageable monthly rent payment is the first step towards being able to save for a downpayment or the many other expenses associated with buying your own home," said Mayor Jane Castor. "This program allows our Tampa residents to create an action plan and a realistic timeline towards achieving their homeownership goals."
The partnership is multi-pronged – the City of Tampa contributed $200,000 from the American Rescue Plan Act. This, coupled with financial assistance from Rebuilding Together Tampa Bay, helped ensure a 20 year-affordability period on the homes.
In addition, families receive comprehensive housing counseling, aimed at making them "mortgage-ready," through Solita's House, a local non-profit personal financial education and counseling organization.
Media outlets are invited to interview a resident currently involved in the Rental to Homeownership program, along with city officials and program partners, at a press conference at 11 a.m. on Friday, December 13, at 8119 N 11th St, Tampa, FL 33604. Please RSVP to media@tampagov.net