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Tampa CRA delays $5 million East Tampa housing grant after budget questions
Summary
The Tampa CRA board continued a vote on a $5 million special-projects grant for Urban Reworks’ East Tampa affordable housing project after members said they needed detailed CRA budget figures and projections before committing the funds.
The Tampa Community Redevelopment Agency board on Wednesday voted to continue consideration of a $5,000,000 special-projects grant request for an East Tampa affordable housing project, saying members needed clearer budget detail on how the award would affect other CRA housing programs.
Developer Thad Beirdre of Urban Reworks offered a voluntary, contract-ready affordability commitment for the project, proposing 12 units at 80% area median income (AMI), six units at 50% AMI, two units at 30% AMI and two ADA-accessible units, and a 50-year affordability lock on the restricted units. Beirdre said the concessions increase the private-equity hurdle and change project cash flow: “That creates a timing issue that's a budget,” he said.
Board members said they supported the project in principle but were not comfortable approving the…
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