The Hillsborough County Board of County Commissioners today approved up to $16.2 million in American Rescue Plan (ARP) funding to help alleviate the lack of local affordable housing. This money will go towards the the acquisition and rehabilitation of Armature Place Apartments on Busch Boulevard.
Armature Place Apartments is a a 96-unit multifamily rental property. It will provide affordable housing opportunities for low-income residents. A land use restriction agreement, mortgage, and promissory note will ensure the units will be used as affordable rental housing for a minimum of 30 years.
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Construction crews hope to complete the work by March 31, 2024. The rehabilitated units will be rented at below-market rates to residents making 80 percent or less of the area median income.
ARP helps with affordable housing
The BOCC approved the Hillsborough County American Rescue Plan Investment Plan on Sept. 1, 2021. The plan provides a framework for investing the $285 million in federal Coronavirus State and Local Fiscal Recovery Funds in the community.
The funding will support vital projects throughout the county. Projects related to:
- Water
- Sewer
- Broadband infrastructure
- Public health response
- Negative economic impacts
- Revenue replacement for certain government services
Projects funded by Hillsborough County must meet the guidelines established by the federal government while addressing the County’s unique community needs and reflecting the BOCC’s collective values in addressing residents’ needs. This plan funds the acquisition and rehabilitation of the 96-unit Armature Place Apartments.
