HILLSBOROUGH COUNTY, Fla. — Hillsborough County leaders approved up to $16.2 million in American Rescue Plan funding to help lessen the shortage of local affordable housing.
Commissioners said the money would be used for the purchase and renovation of a 96-unit multifamily rental building on Busch Boulevard to address the local housing need.
The money comes from the American Rescue Plan Investment Plan for Hillsborough County and will be used by the Corporation to Develop Communities of Tampa, Inc., to buy and renovate the apartment building.
Low-income residents will have access to affordable housing options at Armature Place Apartments, located at 4131 E. Busch Boulevard in Tampa, FL 33617. The units will be used as affordable rental housing for at least 30 years because of a land use restriction agreement, mortgage and promissory note.
The rehabilitation work is expected to be finished by March 31, 2024, according to the contract that the Board of County Commissioners that was approved.
Residents earning 80% or less of the regional median income will be able to rent the renovated units at below-market prices.
Hillsborough County stated that they are working on prioritizing the need for affordable housing and spent more than $54 million in 2021, directly impacting more than 24,300 people. Per the county, they invested in programs and services focusing on increasing the availability of affordable housing options, which gives people chances to grow professionally so they can afford to buy a home and improve the infrastructure of nearby areas.