Tampa, Fla. – Affordable housing is coming to the Uptown/University Area as the 61-unit multi-family apartment home – Uptown Sky – is under construction by Blue Sky Communities, in partnership with University Area CDC (Community Development Corporation).
These affordable apartment homes, at the intersection of 12th Street and Fletcher Avenue, will benefit low- and moderate-income families by improving the quality of their homes, eliminating the cost burden, increasing access to transit and increasing access to services. Households that can benefit from living here will fall into three income categories: 18 units at 50 percent AMI; 30 units at 60 percent AMI, 13 units at 70 percent AMI. The affordability period is 30 years.
The Uptown/University Area Community is a 864-acre underserved residential/commercial neighborhood located on the northern edge of unincorporated Hillsborough County. The neighborhood is blighted by vacant and abandoned lots. Approximately 75 percent of the 10,500 residents represent minority groups, primarily Hispanic (39 percent), and African-American (33 percent). In addition, more than 19 percent of the residents are veterans.
The per capita income in this area is far below the County average and nearly 60 percent of the residents live below the poverty level. Unemployment is approximately twice that of the County. Many residents struggle with a lack of education, (32 percent lack a high school education) and language barriers. The Uptown/University Area, one of the densest communities in Hillsborough County, has been deemed a targeted redevelopment area by the County with five census tracts operating in opportunity zones. In addition, this area is part of the Innovation Partnership District.
Uptown Sky is funded by approximately $7.3 million of four percent Housing Credit equity syndicated by Raymond James Tax Credit Funds, with Aetna, a CVS Health company as the investor, $9.25 million of Multifamily Mortgage Revenue bonds issued by the Housing Finance Authority of Hillsborough County and purchased by Truist Bank, as well as a $5.82 million low-interest loan from Hillsborough County through its HOPE and SHIP Affordable Housing Trust Fund.
Serving the community for 23 years, University Area CDC provides support for thousands of Tampa residents through holistic programming, adult education and resource assistance. Its primary mission is the redevelopment and sustainability of at-risk neighborhoods in the Uptown/University area, surrounding University of South Florida’s Tampa campus. More information about University Area CDC, a 501(c)(3) public/private partnership, is available by calling 813.558.5212 and by visiting uacdc.org.
Blue Sky Communities was founded in 2012 and ever since has called Tampa, Florida its home. Blue Sky has grown to become number 30 on Affordable Housing Finance Magazine’s Top 50 list of the biggest Developers in the USA. Blue Sky helps local communities achieve their Affordable Housing Development goals. Blue Sky also provides long-term property management services for all its Developments, demonstrating its long-term commitment. Our multi-faceted team are experts in all aspects of Tax Credit Development, both 9 percent and 4 percent. This includes the completion of five prior Affordable Housing complexes in Hillsborough County. www.blueskycommunities.com.