Tampa Bay gets millions in HUD grants as part of Biden housing program

Tampa, Fla. (WFLA) – The White House announced new efforts on Monday to put affordable housing within reach of Americans looking for a new home. These programs, as described, will work to address inventory shortages across the country through new programs administered by the U.S. Department of Housing and Urban Development.

HUD announced Tuesday that $10.3 billion has been allocated to the housing fund — and that millions of dollars are heading to Tampa Bay as part of a new plan from the Biden administration.

Market data for the housing crisis is mixed, in terms of dates and inventory records. As of the end of fiscal 2021, the fourth quarter, 24% of inventory in Tampa was purchased by investors, according to data from real estate company Redfin. Nationally, investors accounted for 18% of homes purchased in the same time frame.

Separately, the White House announcement references data from Moody’s Analytics, which shows that as of March 2021, the home inventory in the US is 1.5 million units. Moody’s data shows that markets in Florida range from “fully underutilized” to “severely under-supplied” depending on location.

“The current steep rise in housing costs has been years in the making,” the White House said. “Few new homes were built in the decade following the Great Recession than in any decade since the 1960s – constraining housing supply and failing to keep up with demand and household formation.” The White House said the problem only developed during the COVID-19 pandemic.

According to data and analysis previously reported by Florida Atlantic University, a lack of supply and ongoing inflation are the main factors driving housing costs up across the US. The White House has said the cost of increasing and reducing inventory is one of President Joe Biden’s top priorities to reduce costs for consumers and tackle inflation. However, like many economic policies aimed at combating inflation, the bailout is unlikely to be immediate.

Programs are announced annually by the Biden executive, not monthly. The president’s plan also includes prioritizing homeowners over institutions, with the White House mentioning an increase in the percentage of homes purchased by investors and that it has “led to fierce competition.” for initial homes and push more qualified potential homebuyers into rentals.”

“President Biden is releasing a Housing Supply Action Plan to ease the burden of housing costs over time, by promoting the supply of quality housing in every community,” the White House said in a statement. know on Monday. “His plan includes legislative and administrative actions that will help limit America’s five-year housing supply shortage, starting with the creation and preservation of hundreds of thousands of affordable apartments. affordable in the next three years”.

Part of the newly announced housing affordability efforts builds on existing programs, such as the Low Income Housing Tax Credit or the HOME Investment Partner Program. Both HUD initiatives are intended to provide grants to communities and investors to create more available housing, or to provide residents with capital to acquire new homes.

In addition, the White House announced it would reward “jurisdictions that have reformed zoning and land-use policies” to make it easier to obtain federal grants and speed up the process, “on scale” using what the administration calls a “higher score.”

HUD Secretary Marcia L. Fudge said the White House’s new housing plan is a way to “close the housing supply gap” within five years and is expected to reduce costs for prospective homeowners. .

“The Housing Supply Action Plan is the latest step HUD, and the Biden-Harris Administration, are taking to expand our nation’s affordable housing supply,” said Fudge. “This plan will reduce costs for families across the country and give communities the tools they need to provide more affordable housing for residents.”

As reported by Zillow and many other real estate firms, inventory remains the biggest barrier to affordability due to inflation and supply chain delays.

The redistricting initiative to award grants could benefit Florida, if the state legislature’s recent efforts to free up real estate for housing construction are signed into law. Senate Bill 962, passed in both houses of the Florida Legislature, would allow residential development to be conducted on non-residential lots if affordable housing units affordable is included.

The bipartisan legislation passed chambers in March, but has yet to be sent to Governor Ron DeSantis to sign into law or veto it. If it is signed into law by the governor, Florida could potentially receive more priority in allocating funds to pay for housing construction, as other states and local municipalities choose to provide provides resettlement opportunities for residency opportunities, based on the Biden administration’s new housing directive.

In a May 17 announcement, HUD reported more than $10 billion will be released to various funding programs to address housing needs from Biden’s Housing Action Plan. HUD says millions of dollars from various programs supported by the new Housing Action Plan have reached the Tampa Bay area. The various programs that provide funding are the Community Development Block Grant, HOME, Emergency Solutions Grant, and AIDS Housing Opportunity.

Bradenton $423,917 $0 $0 $0 $423,917
Clean water $897,475 $509.528 $0 $0 $1,407,003
Lakeland $907,548 $430,231 $0 $808,172 2,145,951 USD
Largo $512,334 $0 $0 $0 $512,334
Northern port $0 $0 $0 $687,995 $687,995
Pinellas . Park $385,351 $0 $0 $0 $385,351
St.Petersburg 1,852,263 USD $875,225 $154,953 $0 $2,882,441
Sarasota $397,738 $949,388 $0 $0 $1,347,126
Tampa 3,180,845 USD $1,931,791 USD $280,989 $4,695,272 10,088,897 USD
Hillsborough County 7,198,245 USD $3,155,281 $ 630,723 $0 $10,984,249
Manatee County $1,787,068 $675,391 $160,076 $0 $2,622,535
Pasco County 2,903,885 USD 1,379,250 USD $255,892 $0 $4,539,027
Pinellas . Seeds $2,440,417 1,403,074 USD $214,491 $0 4,057,982 USD
Polk . County $3,947,457 $1,568,130 $345,345 $0 $5,860.932
Sarasota . County $1,704,447 $0 149,996 dollars $0 $1,854,443
(Source: HUD)

Of the grants available to the Tampa Bay area, Hillsborough, Pasco, Pinellas and Polk counties received one of the largest allocations from the various programs. The City of Tampa and Hillsborough County will receive the largest amount of bonuses available to individual recipients only, through the programs listed.

According to HUD, the grant award may not be as large for the counties as it is on the list.

“This amount also reflects approved subsidy cuts and includes any funds reallocated to CDBG and HOME programs,” HUD said. “Under the CDBG program, some metropolitan cities have a joint funding agreement with an inner city county to manage their CDBG funding. The metropolitan county amounts shown in the following table include funds allocated to any general metropolitan city. “

If Hillsborough and Tampa Counties were involved for administrative purposes, as they did for the needs of the Emergency Rental Assistance Program, the amounts listed for Hillsborough County would largely be made up of resources. aid is awarded directly to Tampa.

https://www.wfla.com/news/politics/tampa-bay-gets-millions-in-hud-grants-as-part-of-biden-housing-program/ Tampa Bay gets millions in HUD grants as part of Biden housing program

Alley Einstein

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