Tampa hoping for $38million federal stimulus

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TAMPA, Florida’s fourth largest city, a shovel-ready development under consideration for $38 million in federal funding could serve as a national model for sustainable urban redevelopment through the American Recovery and Reinvestment Act later this month.

In July, a consortium including the City of Tampa, Tampa Housing Authority (THA) and Bank of America Community Development Corporation (CDC) submitted an application to receive $38 million in federal stimulus dollars from the U.S. Department of Housing and Urban Development’s Neighborhood Stabilization Program 2. If approved, $28 million will go directly to build the Encore infrastructure and another $10 million will be spent on foreclosure mitigation activities in the surrounding area.

“This mixed-use, mixed-income neighborhood with housing, businesses and cultural centers will be located right next to Tampa’s central business district,” said Leroy Moore, Senior Vice President/Chief Operating Officer of THA.  During construction, Encore is expected to create more than 4,000 new jobs. Another 1,000 permanent jobs are expected upon completion, according to the developers.

Those projects selected for federal stimulus funding expect to be notified on or before Sept. 30.

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SOURCE: Businesswire
IMAGE SOURCE: Tampa Housing Authority

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