CRA board approves subsidy to reserve 16 affordable homeownership units in East Tampa
April 10, 2026 | Tampa, Hillsborough County, Florida
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The Tampa CRA on April 8 approved a plan to pair a developer-led infill project with CRA down-payment assistance to preserve 16 homeownership units for income-eligible buyers in East Tampa.
Jim McCarthy, vice president of Domain Homes, told the board his company already owns the land and is prepared to build townhouses and single-family units near Ragan Park; he said the development would proceed without CRA assistance but that a CRA subsidy would "build the gap" to make units attainable for buyers who qualify for down-payment assistance.
Community Development Coordinator Belix Parks explained the proposed subsidy: $75,000 per unit to be applied at sale to buyers who meet the program s income limits, retaining affordability for 50 years. Parks said eligible buyers would generally be in the 80% to 120% area median income (AMI) band and that moving the target below 80% AMI would require larger subsidies and layered financing because lower-income buyers often cannot qualify for conventional mortgages in the current market.
Board members pressed staff on total cost, AMI thresholds and outreach. "Why didn t we go the next step and go below 80% AMI?" Board Member Bill Carlson asked; staff replied that deeper subsidy, lender participation and multiple subsidy layers would be needed for buyers under roughly 50% AMI.
The project had previously been reviewed by the community advisory committee (CAC). On a motion by Board Member Maniscalco, seconded by Board Member Young, the board approved moving forward with the Domain Homes assistance program and asked staff to provide detailed cost breakdowns and marketing plans to target qualifying buyers and housing counseling agencies.
Why it matters: The subsidy preserves a pipeline of owner-occupied housing in East Tampa and ties developer plans to income-restricted resale requirements. Staff acknowledged the subsidy will not on its own reach the lowest-income households and said additional strategies (density, deeper subsidy, layered financing) will be required to serve those residents.
Jim McCarthy, vice president of Domain Homes, told the board his company already owns the land and is prepared to build townhouses and single-family units near Ragan Park; he said the development would proceed without CRA assistance but that a CRA subsidy would "build the gap" to make units attainable for buyers who qualify for down-payment assistance.
Community Development Coordinator Belix Parks explained the proposed subsidy: $75,000 per unit to be applied at sale to buyers who meet the program s income limits, retaining affordability for 50 years. Parks said eligible buyers would generally be in the 80% to 120% area median income (AMI) band and that moving the target below 80% AMI would require larger subsidies and layered financing because lower-income buyers often cannot qualify for conventional mortgages in the current market.
Board members pressed staff on total cost, AMI thresholds and outreach. "Why didn t we go the next step and go below 80% AMI?" Board Member Bill Carlson asked; staff replied that deeper subsidy, lender participation and multiple subsidy layers would be needed for buyers under roughly 50% AMI.
The project had previously been reviewed by the community advisory committee (CAC). On a motion by Board Member Maniscalco, seconded by Board Member Young, the board approved moving forward with the Domain Homes assistance program and asked staff to provide detailed cost breakdowns and marketing plans to target qualifying buyers and housing counseling agencies.
Why it matters: The subsidy preserves a pipeline of owner-occupied housing in East Tampa and ties developer plans to income-restricted resale requirements. Staff acknowledged the subsidy will not on its own reach the lowest-income households and said additional strategies (density, deeper subsidy, layered financing) will be required to serve those residents.
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