East Tampa CRA Board Approves $3.5M Funding for Affordable Housing Project

In a pivotal meeting on July 24, 2025, the Tampa Community Redevelopment Agency (CRA) board made significant strides towards funding affordable housing projects in East Tampa. The board approved a motion to allocate $3.5 million over three years for a key development project, contingent upon the city finding an additional $1.5 million to complete the funding.

The discussion centered around the need for affordable housing in the area, with board members expressing urgency to support a project that could revitalize the community. "This is a catalyst project for Nebraska Avenue," one board member emphasized, highlighting the importance of the initiative for local residents.

Initially, there was a proposal for a $5 million subsidy, but after extensive debate, the board settled on the $3.5 million figure, which reflects a compromise aimed at addressing both community needs and budget constraints. The board's decision was influenced by recommendations from the Community Advisory Committee (CAC), which had previously suggested a lower subsidy amount due to concerns about available funds for other housing priorities.

Throughout the meeting, members discussed the complexities of funding, including the potential for bonding to secure additional resources. "I'm willing to bond for this project," one member stated, underscoring the commitment to finding financial solutions that would not detract from existing community programs.

The CRA board's decision marks a significant step forward in addressing the housing crisis in East Tampa, with members expressing hope that the city council will support the search for the remaining funds needed to ensure the project's success. The board's collaborative approach reflects a growing recognition of the importance of affordable housing in fostering community development and stability.