The City of Tampa’s Community Redevelopment Agency (CRA) board on Thursday approved a revised budget that makes a major commitment to increasing access to affordable housing.
The revised budget allocates more than $20.2 million in new increment revenue and interest earnings toward affordable housing initiatives in Tampa’s eight CRA districts.
“Thanks to CRA Staff, we’ve not only reached the 30 percent budget goal in funding affordable housing but nearly doubled the amount of money we can allocate from CRA budgets toward solutions to the housing shortage in Tampa,” said CRA Chairwoman Lynn Hurtak. “This brings the total amount that city budgets are putting toward safe, affordable housing past $50 million for the fiscal year 2023, and will make a substantial difference for housing in our city.”
The CRA’s Citizens Advisory Committees spent the past several weeks examining the budgets to increase funding for affordable housing, and the CRA approved the changes Thursday.
Under Florida law (Chapter 163, Part III), local governments can designate areas as Community Redevelopment Areas when conditions such as inadequate infrastructure, substandard structures, or affordable housing shortages exist. Revenue comes from the incremental growth in taxable value within an established CRA, and all funds received from a tax increment financing area must be used for specific redevelopment purposes within that area including the provision of additional affordable housing. Tampa’s eight CRA include Central Park, Channel District, Downtown, Drew Park, East Tampa, Tampa Heights, Tampa Heights Riverfront, West Tampa, and Ybor City.
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