$2 million FCLF loan
Construction line of credit
24 affordable rental apartments
“FCLF is helping us to go beyond just building brick and mortar; instead, we are building strong neighbors and lifelong friends at Gardens at Diana Point.” ‒ Ernest Coney, CEO, CDC of Tampa
According to recent reports, 27% of Tampa renters spend more than half their income on housing – they are severely cost burdened. Add to this the fact that the Tampa Housing Authority has over 20,000 families on a waitlist, and it is clear that the need for affordable housing in Hillsborough County is great.
The CDC of Tampa is a nonprofit organization committed to community-wide change in Tampa, offering programs such as job training, youth leadership mentoring, and affordable housing. CDC of Tampa’s vision is “a thriving Tampa Bay region in which every community is equitable, diverse and engaged.” CDCT Gardens ‒ a partnership between CDC of Tampa and New Visions Communities ‒ was formed to address this shortage of affordable rental housing in Tampa.
With financing from Florida Community Loan Fund, CDCT Gardens will build the Gardens at Diana Point apartments, offering 24 affordable rental townhomes to low- and moderate-income families, with particular focus on veterans and first responders. All homes will include energy saving features, making them even more affordable for residents, and the community will include Florida-friendly “Xeriscape” landscaping. The site is close to bus routes with easy access to medical facilities, grocery shopping, and a nearby park will be improved by the County to include a boardwalk and built-in exercise equipment to encourage fitness habits.
The project is part of Hillsborough County’s plan to create more affordable housing for low- to moderate-income families. Through a competitive application process, CDC of Tampa will receive funds from the County for the Gardens at Diana Point project.
For more information on CDC of Tampa, visit their website www.cdcoftampa.org.
Hear from CDC of Tampa's Ernest Coney in this video from FCLF.
Pictured above: construction is underway on Gardens at Diana Point, providing 24 new affordable rental homes. Below: Architectural rendering of the completed project and construction progress photo.