Tampa Affordable Housing Development Is In The Works
Finding affordable housing in Tampa is like trying to find a needle in a haystack. If you’re looking for a cheap place to live in Tampa, your best bet is to move to another city. Just kidding, but not really. The waitlist for affordable housing in Tampa maxed out at 20,000 people, but the Tampa Housing Authority has a solution.
There’s no doubt that Florida has been hit hard with extreme population growth. Through home insurance increases to insanely fast home price increases across Tampa Bay.
Thursday, February 22nd, construction begins on a new 188-unit all-affordable housing development in Tampa. Senior Development Manager of Related Peter Van Warner said, “I mean 20,000 people on the waitlist for affordable housing is just astronomical and we’re just chipping away at that.”
The West River Community has already gone through a transformation as these new affordable housing developments in Tampa are looking to bring in more and more units to the area. The new $63 million development is bringing in one, two, three, and four-bedroom units on top of the already 800 mixed-income units in the area.
Next month, 200 more units are expected to be completed under Canopy Phase I. The project beginning on Thursday, Feb. 22, is Canopy Phase II which is expected to be completed by 2025. Once the project is complete, the West River community is set to house 2,000 mixed-income families.
Who qualifies for Affordable Housing?
If you’re thinking rent prices are about to drop, think again. The affordable housing in the Tampa West River community is for low-income families. To qualify, you need to show proof that you make 80% of the average income within the area.
The new development will have units for 80% AMI median income as well as 50% and 30%. According to Apartmentlist.com, Tampa saw 38% increase in rent prices from March 2020 to February of 2023. Rent prices in February 2024 are down by a slight $213 coming in at an average price of $2,125.
Will we ever see rent, food, and goods prices to what we saw just a few years ago? Probably not, but we can hope. Back in 2020, the price of a thin-crust Jacks Frozen Pepperoni Pizza was $2.49 at Walmart, Essentially, you could get 2 for under $5, but today? Not so much. The same Jacks Pizza now comes in around $4.12 at Walmart. Pizza prices obviously don’t affect rent prices, but they certainly represent how affording current rent prices can become a challenge.