$1 MILLION FCLF construction line of credit
30 affordable single-family homes
From veterans to seniors to those who simply need help with their credit ratings, Florida has a large population seeking affordable housing. For many, the dream of home ownership may seem out of reach. That’s where organizations like Tampa Bay Community Development Corporation step in, to help households find solutions, to offer classes and counseling, and show them the way home.
Tampa Bay Community Development Corporation (CDC) was founded in 1982 to promote home ownership in a Clearwater neighborhood. In 1988, the organization’s focus area expanded to include Pinellas and Hillsborough Counties; and since then Pasco County has also been included in services and housing development.
The mission of Tampa Bay CDC is to provide education, counseling, and housing opportunities, and to revitalize neighborhoods for low- and moderate-income households. As a HUD-approved counseling agency and a NeighborWorks® America member, Tampa Bay CDC has helped more than 50,000 clients with home ownership education and classes, including pre-purchase counseling, finding down payment assistance, and avoiding foreclosure. Florida Community Loan Fund and Tampa Bay CDC have previously partnered on single family affordable homes in Pasco and Hillsborough Counties.
With a $1 million line of credit from Florida Community Loan Fund, Tampa Bay CDC will purchase homes in need of rehab; the homes will then be renovated and sold to first-time low-income home buyers, many of whom already receive counseling and attend classes. The end product is an affordable, move-in ready home. As Tampa Bay CDC enters a new phase of growth, this FCLF financing will allow the organization to purchase & renovate 10-20 homes annually over the next 3 years in Pasco and Pinellas Counties. These new homes can cost as little as $145,000, and when paired with pre-purchase classes and counseling, they can be the answer for a low-income household with a dream of home ownership. Putting homeowners into these reconstructed homes will stabilize market conditions in the communities and decrease the amount of blight. Additional funding is provided by Pasco County’s “POP” (Pasco Opportunity Program).
Learn more at www.tampabaycdc.org
Pictured above, a sample Tampa Bay CDC home similar to those made possible by FCLF financing.