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Tampa Bay Sees Construction of 26000 Multifamily Units to Address Rental Costs

February 14, 2024 | Clearwater, Pinellas County, Florida



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This article was created by AI summarizing key points discussed. AI makes mistakes, so for full details and context, please refer to the video of the full meeting. Please report any errors so we can fix them. Report an error »

Tampa Bay Sees Construction of 26000 Multifamily Units to Address Rental Costs
The Clearwater Neighborhood & Affordable Housing Advisory Board meeting on February 13, 2024, focused on critical issues surrounding housing development and affordability in the city. Key discussions highlighted the current state of multifamily housing construction, the challenges faced by mobile home residents, and the pressing need for affordable housing solutions.

During the meeting, it was reported that over 26,000 multifamily units are currently under construction in the Tampa Bay region, with expectations for delivery in 2024. This influx of new housing is anticipated to help alleviate rising rental costs, which have seen a significant premium for units built after 2010. However, the meeting emphasized that Clearwater is experiencing a mismatch in housing availability, particularly for low-income households.

A significant concern raised was the state of mobile homes in Clearwater. The board noted that most mobile homes in the area were built before 1996 and do not meet current safety standards. This poses challenges for rehabilitation efforts, as funding cannot be used for older units. The Urban League of Pinellas County is expected to play a crucial role in assisting extremely low-income households, particularly those living in older mobile homes that require weatherization and other support.

The board also discussed the ownership structure of mobile home parks, revealing that 23 out of 26 parks are owned by out-of-state entities, which complicates community ties and support for residents. Only three parks are resident-owned, highlighting a significant gap in local ownership and control.

The meeting concluded with a stark overview of housing affordability in Clearwater. It was reported that only 22% of owner-occupied units are affordable for households earning under 60% of the area median income (AMI). The rental market is even more strained, with a threefold disparity between the number of households seeking affordable rentals and the available units. This situation contributes to a growing housing cost burden, with 55% of renter-occupied households facing financial strain.

The discussions underscored the urgent need for strategic planning and community engagement to address these housing challenges, ensuring that Clearwater can provide affordable and accessible housing for all its residents.

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