The CRA may be able to provide assistance for new construction projects within a CRA redevelopment district. Projects may include multi-family housing, mixed use or commercial uses.
At this time, the CRA does not have funding available for student housing projects.
Projects will be evaluated on a case-by-case basis. Any project selected for funding must be consistent with the applicable CRA redevelopment plan and state law governing the CRA (Chapter 163, Part III, Florida Statutes).
Additional considerations include the following:
- benefit to the district
- impact in tax base and ad valorem tax revenues
- impact on surrounding neighborhoods
- impact on economic development including job creation
- for residential projects, increase in affordable housing units*, and
- project contribution to redevelopment goals and objectives
To receive funding, a project must demonstrate a significant contribution to CRA goals and objectives and a tangible benefit to the community (e.g., infrastructure improvement, affordable housing units, etc.). Additionally, applicants are expected to have a minimum of 75% investment in the overall project cost.
CRA funding may take the form of TIF reimbursement, grants, infrastructure improvements, or other assistance. Except in extraordinary circumstances, CRA funding will be disbursed on a reimbursement basis after the project is completed (following issuance of a certificate of occupancy) and after the project is on the tax rolls.
Final approval for CRA assistance will be by the CRA Board following a public hearing.
For more information, contact the CRA Office at CRA@talgov.com or 850.891.8357.
* Affordable housing is defined as units sold or rented to households at or below 80% AMI. Developers may have the City certify their proposed projects as affordable housing. Contact housing@talgov.com for more information.
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