We are pleased to partner with CDC of Tampa to renew and increase a $1.5 million construction loan to build and rehabilitate affordable single-family homes in Tampa, FL. Tampa is a higher-priced housing market with a growing population, high demand, and underdevelopment of affordable homes for sale. Funds will be used to construct or rehabilitate 12 homes with down payment assistance layered into the financing to make the homes affordable for low-to-moderate-income buyers.
CDC of Tampa was founded in 1992 with the purpose of alleviating poverty and physical deterioration in Hillsborough County’s East Tampa Community. Its mission is to create opportunities for people to build prosperous futures and vibrant communities. CDC of Tampa creates these opportunities by deploying comprehensive community development strategies that connect workforce development, housing, and real estate with education, resident engagement, and community safety–to drive economic prosperity.
To advance its mission, CDC of Tampa develops single-family, multifamily, and commercial properties and completed 28 single-family homes and one 24-unit multifamily affordable development between 2019 and 2022. They also offer community building and engagement services, including workforce development and youth programming. Since 2020, CDC of Tampa has provided workforce development services to over 1,427 individuals, and more than 100 youths participated in career exploration, earned short-term certifications in first responder training, and completed financial literacy training.
Since 2018, NeighborWorks Capital has extended 2 other construction loans to CDC of Tampa, and we are excited to continue our partnership into the future as we support their critical and impactful work.
