The purpose of the Rental Rehabilitation Program is to provide a deferred payment loan to landlords that can demonstrate at least a 25% loss of rental income between February 2020 to July 2020 as compared to the same period in 2019.
- The increase in unemployment as a result of Covid19 has made it difficult for many Tampa households to pay rent. The decrease in rental income has resulted in some landlords being unable to repair units. This is especially true for naturally occurring affordable housing – market rate units that are currently renting at rents affordable to low income families.
- As these units are not repaired, they are at risk of being uninhabitable, reducing the supply of affordable rental housing.
- To stave off evictions due to uninhabitable units
- To allow for monitoring of affordable units to improve housing conditions
- To develop a relationship with affordable apartment owners to help house homeless and others seeking affordable rentals
- Eligible properties may be owned by:
- Nonprofit organizations
- Private individuals
- For-profit companies.
- Rents must be affordable to families at or below 80% AMI
- Funding preference will be given to nonprofit organizations.
To be eligible for the Rental Rehabilitation Program, properties must:
- Be an existing multi-family rental property;
- Be located within the city limits of Tampa;
- Follow all current zoning requirements;
- Be current on all property taxes, assessments and any liens on the property;
- Be able to demonstrate a decrease in rental income of at least 25% between February 2020-July 2020 as compared to the same period in 2019.
Low (HOME) Rents – For projects containing five or more assisted rental units, or in the case of an owner who has multiple projects which together contain a total of five or more assisted rental units, a minimum of 20% of all the assisted units must have rents, adjusted for utilities, that do not exceed 30% of the gross income for a household earning 50% of the median income for the area; and
High (HOME) Rents – All other assisted units in each project must have rents, adjusted for utilities, that do not exceed the lessor of Section 8 Fair Market Rents or 30% of the adjusted household earning 65% of the median income for the area.
Please contact Marquaz McGhee at 813-274-7938 if you have any questions.