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U.S Department of Housing and Urban Development
U.S. Department of the Treasury

Spotlight on the Housing

Spotlight on the Housing Market in Tampa-St. Petersburg-Clearwater, Flor

Market in Tampa-St. PetersburgClearwater, Florida

Tampa	
  Housing	
  Unit	
  Growth	
  Outpaced	
  Popula
the	
  Past	
  Deca

U.S. Department of Housing and Urban Development | Office of Help American Homeowners
The Obama Administration’s Efforts to Stabilize the Housing Market andPolicy Development and Research | January 2012
Date	
  of	
  Census

4/1/
The Tampa-St. Petersburg-Clearwater, Florida Metropolitan Statistical Area (Tampa MSA) includes four counties: Hernando, Hillsborough, Pasco, and
Tampa	
  MSA	
  Population
2,396,
Annual	
  Growth	
  Rate	
  
-­‐
Pinellas on the Gulf Coast in central Florida. The problems in Tampa’s housing market have been more severe than those in most areas of the nation.
Tampa	
  MSA	
  Households
1,009,
The share of distressed mortgages in and around Tampa – those 90 or more days delinquent or in foreclosure– is well above the national average,
Annual	
  G
-­‐
Spotlight beginning with a significantin Tampa-St. Petersburg-Clearwater,subprime loans in 2007. At 806 days, Florida has the third longest Mrowth	
  Rate	
   Units
on the Housing Market rise in delinquencies and defaults among Florida
Tampa	
   average
SA	
  Housing	
  
1,143,
Annual	
   remaining
-­‐
foreclosure processing time among states, as lender processing delays and a backlog in the courts contribute to a high share of mortgagesGrowth	
  Rate	
  
Source: Census Bureau (2000 and 2010 Decennial)
in the foreclosure pipeline. During the early part of the decade, local home prices rose at nearly double the pace of the national average, driven in part
by investor speculation. As a result, home prices in the MSA have since fallen more steeply than in most parts of the country. Declining property values
in Tampa and the extent of underwater mortgages in the current market were also fueled in part by excess housing construction in the years prior to the
crisis. The housing market in Tampa remains fragile - with a very high percentage of distressed mortgages, deeply discounted foreclosed properties, low
property values, and many severely underwater mortgages. However, the Administration’s broad approach to stabilizing the housing market has been a
source of real help to homeowners in Tampa and surrounding cities. This addendum to the Obama Administration’s Housing Scorecard provides a summary
of trends and conditions in the local economy and the impact of the Administration’s efforts to stabilize the housing market and help local homeowners.

Population Growth, Employment,
and Housing Market:

Job Market Conditions are Improving for Tampa and for the Nation

Tampa	
  Housing	
  Unit	
  Growth	
  Outpaced	
  Population	
  and	
  Household	
  Growth	
  During	
   Quarterly	
  Nonfarm	
  Employment	
  
the	
  Past	
  Decade

12	
  

150	
  

10	
  

Tampa Housing Unit Growth Outpaced Population and
145	
  
Household Growth During the Past Decade
140	
  

Date of Census

4/1/2000

4/1/2010

Tampa MSA Population

2,396,038

2,783,243

-

1.6%

Annual Growth Rate
Tampa MSA Households

1,009,316

135	
  

Millions	
  

155	
  

8	
  
6	
  

130	
  

4	
  

125	
  

2	
  

1,151,263
120	
  

Annual Growth Rate

-

1.4%

Tampa MSA Housing Units

1,143,979

1,353,158

-

0	
  

1.8%

Annual Growth Rate Quarter	
  
Year	
  and	
  

Tampa	
  	
  MSA	
  

NaHon	
  (right	
  	
  axis)	
  

Source: Census Bureau (2000 and 2010 Decennial)

ly	
  Adjusted	
  Data	
  	
  
Bureau	
  of	
  Labor	
  	
  StaHsHcs	
  

	
  

Tampa	
  MSA	
  

Seasonally	
  Adjusted	
  Data	
  
Source:	
  Bureau	
  of	
  Labor	
  StaHsHcs	
  

Spotlight on Tampa MSA | Page 1

NaHon	
  

14	
  

160	
  
155	
  

12	
  

150	
  

10	
  

145	
  
140	
  
135	
  

Millions	
  

Thousands	
  

1,400	
  
More than 2.78 million people live in the Tampa MSA
Date	
  of	
  Census
4/1/00
4/1/10
1,350	
  
according to the most recent Census, and the localPopulation
Tampa	
  MSA	
  
2,396,038
2,783,243
population has increased steadily since 2000. Over Rate	
  
the
Annual	
  Growth	
  
-­‐
1,300	
  
1.6%
Tampa	
  MSA	
  H increase
1,009,316
1,151,263
past ten years, Tampa has seen an average annual ouseholds
1,250	
  
Annual	
  Growth	
  Rate	
  
-­‐
1.4%
of approximately 38,700 new residents (1.6 percent) – Units
Tampa	
  MSA	
  Housing	
  
1,143,979
1,353,158
1,200	
  
-­‐
1.8%
including an average of 36,950 that moveAnnual	
  Growth	
  Rate	
  each
to the area
1,150	
  
Source: Census Bureau (2000 and
year. The influx of new residents was the most rapid between 2010 Decennial)
1,100	
  
mid - 2003 and mid - 2006 when the local economy added
1,050	
  
an average of 36,000 jobs a year. Population growth
peaked at 63,800 in 2005 but has since slowed to nearly
one-fourth that level. During the decade spanned by the
Year	
  and	
  Quarter	
  
Census, new housing production exceeded household growth
Tampa	
  	
  MSA	
  
NaHon	
  (right	
  	
  axis)	
  
in Tampa, and this excess construction contributed to an
Seasonally	
  Adjusted	
  Data	
  	
  
Source:	
  Bureau	
  of	
  Labor	
  	
  StaHsHcs	
  
oversupply of housing and steeper price drops when the
	
  
bubble burst. According to the Census, household growth in
Tampa averaged 1.4 percent annually between 2000 and
2010, but net annual housing unit growth at 1.8 percent
Job Market Conditions are Improving for Tampa and for the Nation
Unemployment Rate Remains High Although Improving
exceeded corresponding population and household growth
Quarterly	
  Nonfarm	
  Employment	
  
Monthly	
  Unemployment	
  Rate	
  (Percent)	
  
rates. Furthermore, second homes may be more prevalent in
14	
  
	
  
160	
  
Florida which could explain higher housing unit growth.

8	
  
6	
  

130	
  

4	
  

125	
  

2	
  

120	
  

0	
  

	
  

Se
So

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S. Department of Housing and Urban Development | Office of Help American Homeowners
The Obama Administration’s Efforts to Stabilize the Housing Market andPolicy Development and Research | January 2012

Spotlight on the Housing Market in Tampa-St. Petersburg-Clearw

From the first quarter of 2007 to the first quarter of 2010,
Tampa and surrounding cities lost a total of 137,400 jobs
—however, the area has since begun to add jobs again.
Employment in Tampa increased by 25,400,or 2.3 percent,
during the three months ending November 2011 from a
year earlier, while employment in the U.S. increased by 1.2
percent during the same period. More than three-fourths of
job gains in the Tampa MSA over the past year were from
the leisure and hospitality sector (10,400), with an increase
in tourism, and the professional and business services sector
(8,800). Wholesale and retail trade added an additional
4,000 jobs. The local economy lost the most jobs in
construction (2,800) as a result of continued weakness in the
local housing market. The average unemployment rate for
the Tampa MSA was 10.5 percent during the three months
ending November 2011, down significantly from 12.3
percent a year earlier. The national average unemployment
rate during the same period was 8.9 percent, down from 9.7
percent.

Spotlight on the Housing Market in Tampa-St. Petersburg-Clearwa

New and Existing Home Sales: Tampa Compared to the Nation
Annual	
  Home	
  Sales	
  (thousands)	
  	
  

New and Existing Home Sales: Tampa Compared to the Nation
Annual	
  Home	
  Sales	
  (thousands)	
  	
  

200,000	
  

8,000	
  

1

175,000	
  
200,000	
  

7,000	
  
8,000	
  

1
11

150,000	
  
175,000	
  

6,000	
  
7,000	
  

125,000	
  
150,000	
  

5,000	
  
6,000	
  

100,000	
  
125,000	
  

4,000	
  
5,000	
  

75,000	
  
100,000	
  

3,000	
  
4,000	
  

50,000	
  
75,000	
  

2,000	
  
3,000	
  

7

25,000	
  
50,000	
  

1,000	
  
2,000	
  

6

0	
  
25,000	
  

0	
  
1,000	
  

5

2003	
  

0	
  
2003	
  

2004	
  

2005	
  

2006	
  

NaXon:	
  ExisXng	
  Sales	
  (right	
  axis)	
  
2004	
  
2005	
  

2007	
  

2008	
  

2006	
  

2007	
  

NaXon:	
  New	
  Sales	
  (right	
  axis)	
  
2008	
  
2009	
  
2010	
  

Tampa	
  MSA:	
  ExisXng	
  	
  Sright	
  axis)	
  
NaXon:	
  ExisXng	
  Sales	
  ( ales	
  
Sources:	
  CoreLogic,	
  HUD/Census	
  	
  Bureau,	
  and	
  NaXonal	
  AssociaXon	
  of	
  Realtors	
  
Tampa	
  MSA:	
  ExisXng	
  	
  Sales	
  

2009	
  

2010	
  

10

9

8

0	
  

Tampa	
   N SA:	
   ales	
   	
  Sales	
  
NaXon:	
  Mew	
  SNew	
  (right	
  axis)	
  
Tampa	
  MSA:	
  New	
  	
  Sales	
  

Sources:	
  CoreLogic,	
  HUD/Census	
  	
  Bureau,	
  and	
  NaXonal	
  AssociaXon	
  of	
  Realtors	
  
Home sales in the Tampa MSA remain sluggish. Existing
home sales began a steep decline in 2006, but increased
Tampa Home Prices Declined Sharply After Steep Rise
modestly in 2009 and 2010, while new home sales have
Market Remains Fragile
Tampa Repeat-­‐Sales	
  House	
  Price	
  Index	
  	
  (Jan	
  2After	
  100)	
   Rise
Home Prices Declined Sharply 000	
  = Steep
been declining since 2005. During the first ten months of
Market Remains Fragile
2011, existing home sales increased by 9 percent compared
260	
  
Repeat-­‐Sales	
  House	
  Price	
  Index	
  	
  (Jan	
  2000	
  =	
  100)	
  
to the first ten months of 2010, while new home sales fell by
240	
  
260	
  
24 percent, according to CoreLogic. Sales of bank-owned
220	
  
properties and short sales by homeowners currently represent
240	
  
31 percent of existing home sales in the Tampa market
200	
  
220	
  
compared to a national rate of 28 percent. This high level of
180	
  
200	
  
distressed sales contributes to continued weakness in Tampa
160	
  
180	
  
home prices overall. The CoreLogic repeat-sales house price
140	
  
index shows that the rise in home prices in Tampa was nearly
160	
  
double the national pace (42 percent) between 2000 and
140	
  
120	
  
mid - 2006. From their peak in May 2006 to the end of the
120	
  
100	
  
house price bubble in April 2009, home prices fell sharply
100	
  
in Tampa (41 percent), compared with the national average
peak-to-low decline of 31 percent. While national sales prices
Tampa	
  MSA	
  
NaXon	
  
Source:	
  CoreLogic	
  
began to level off after April 2009, home prices in Tampa fell
Tampa	
  MSA	
  
NaXon	
  
Source:	
  CoreLogic	
  
an additional 9 percent (from peak-2006 prices) and have
just begun to show signs of improvement in the last 8 months.
Investor speculation helped to fuelHousing Market in Tampa-St. Petersburg-Clearwater, Florida
Spotlight on the the rise in prices -- home
sales to investors was at 18 percent in Tampa between 2000
and mid - 2006, much higher than the 12 percent share for
New and Existing Home WhileTampa Compared to thepurchases was higher
the nation. Sales: the share of investor Nation
Rental Vacancy Rates Consistently Higher an Nation Although Improving
Annual	
  Home	
  Sales	
  (thousands)	
  	
  
in Tampa than the nation, it was lower than in other parts of
Quarterly	
  Apartment	
  Rental	
  Vacancy	
  Rates	
  (Percent)	
  
Florida.
8,000	
  

The rental market in Tampa is showing significant signs of
7,000	
  
improvement. According to Reis Inc., the overall apartment
6,000	
  
vacancy rate in Tampa was 6.7 percent in the third quarter of
5,000	
  
2011, down from 8.6 percent a year earlier but still above
4,000	
  
the national average of 5.6 percent. During the third quarter
of 2011, average rents increased by 2 percent from a year
3,000	
  
ago to $850. The average rent nationwide also increased by
2,000	
  
2 percent during the same period to $1,060.
1,000	
  

2005	
  

2006	
  

2007	
  

2008	
  

2009	
  

mpa	
  MSA:	
  ExisXng	
  	
  Sales	
  

Repeat-­‐Sales	
  House	
  Price	
  Index	
  	
  (Jan	
  2000	
  =	
  100)	
  

6

4

2

0

8.0	
  
7.0	
  
6.0	
  

Area
5.0	
  

Year	
  and	
  Quarter	
  

Tampa	
  MSA:	
  New	
  	
  Sales	
  

Tampa Home Prices Declined Sharply After Steep Rise
Market Remains Fragile

8

9.0	
  

NaXon:	
  New	
  Sales	
  (right	
  axis)	
  

UD/Census	
  	
  Bureau,	
  and	
  NaXonal	
  AssociaXon	
  of	
  Realtors	
  

10

10.0	
  

2010	
  

aXon:	
  ExisXng	
  Sales	
  (right	
  axis)	
  

1
18
1
16
1
14
1
12

11.0	
  

0	
  
2004	
  

1

Tampa	
  MSA	
  

NaXon	
  

Source:	
  Reis,	
  Inc.	
  

Share of Distressed Mortgages Substantially Higher an the Nation
Mortgages	
  90+	
  Days	
  Delinquent	
  (Percent	
  of	
  All	
  AcXve	
  Mortgages)	
  

Spotlight on Tampa MSA | Page 2
18	
  

Area
Tampa	
  MSA
Nation	
  
Tampa	
  MSA	
  
Note:	
  	
  Foreclosu
Nation	
  
	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  F	
  oreclosur
	
   Data	
  thro
Note:	
  
Source:	
  Realty	
  T
	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  Data	
  throu

Source:	
  Realty	
  Tr

5,000	
  
4,000	
  

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

3,000	
  
2,000	
  
1,000	
  

8.0	
  
7.0	
  
6.0	
  
5.0	
  

Spotlight on the Housing Market in Tampa-St. Petersburg-Clearwater, Florida
0	
  
2004	
  

2005	
  

2006	
  

2007	
  

2008	
  

aXon:	
  ExisXng	
  Sales	
  (right	
  axis)	
  

2009	
  

2010	
  

Year	
  and	
  Quarter	
  

NaXon:	
  New	
  Sales	
  (right	
  axis)	
  

NaXon	
  
U.S. DepartmentEfforts to and Urban Development | Office of Help Development and Research | January 2012
Tampa	
  M
New	
  	
  Sales	
  
The Obama Administration’sSA:	
  of HousingStabilize the Housing Market andPolicy Tampa	
  MSA	
  
American Homeowners

ampa	
  MSA:	
  ExisXng	
  	
  Sales	
  

Source:	
  Reis,	
  Inc.	
  

HUD/Census	
  	
  Bureau,	
  and	
  NaXonal	
  AssociaXon	
  of	
  Realtors	
  

Trends in Mortgage
Delinquencies and Foreclosures:
Repeat-­‐Sales	
  House	
  Price	
  Index	
  	
  (Jan	
  2000	
  =	
  100)	
  

Share of Distressed Mortgages Substantially Higher an the Nation

Tampa Home Prices Declined Sharply After Steep Rise
Market Remains Fragile

Homeowners in Tampa are still struggling with some of the
highest levels of mortgage delinquency and foreclosure
in the nation. As of November 2011, the Tampa metro
area ranked 6th out of 366 metropolitan areas for the
share of mortgages at risk of foreclosure (90 or more
days delinquent or in the foreclosure process) according
to LPS Applied Analytics. LPS data show Projected Completed
that Tampa area
MSA	
  NSP	
  Activity	
  (Housing	
  Units)

Mortgages	
  90+	
  Days	
  Delinquent	
  (Percent	
  of	
  All	
  AcXve	
  Mortgages)	
  

18	
  
16	
  
14	
  
12	
  
10	
  
8	
  
6	
  
4	
  
2	
  

otal
647
370
nce	
  and	
  demolition
97
Foreclosure Completion Rates in the Tampa MSA 137
ruction	
  of	
  new	
  housing
23
4
Fourth Quarter 2011
Since April 1, 2009 8
ownership	
  assistance	
  to	
  low-­‐	
  and	
  moderate-­‐income
53
ilitation/reconstruction	
  of	
  residential	
  structures
474
221
Foreclosure
Foreclosure
Foreclosure
Foreclosure
otal
225
25
Completions
Rate
Completions
Rate
47
23
nce	
  and	
  demolition Area
3
0
ruction	
  of	
  new	
  housing
Tampa
Tampa	
  MSA	
   2,300
NaXon	
  
0.17%
26,0003
1.9%
ownership	
  assistance	
  to	
  low-­‐	
  and	
  moderate-­‐income
2
MSA
ilitation/reconstruction	
  of	
  residential	
  structures
172
0
285
0
otal
Nation
175,800
0.13%
2,507,800
1.9%
81
0
nce	
  and	
  demolition
46
0
ruction	
  of	
  new	
  housing
Note: Foreclosure Rates as Percent of All Housing Units; Data through
28
0
ownership	
  assistance	
  to	
  low-­‐	
  and	
  moderate-­‐income
December 2011 for Foreclosures since April 2009
130
0
ilitation/reconstruction	
  of	
  residential	
  structures

0	
  

Tampa	
  MSA	
  

Source: Realty Trac and Census Bureau

mortgages at risk of foreclosure increased by 6 percent over
the past year, from 59,600 in November 2010 to 63,300
in November 2011, compared with a national decline of 6
percent over the same period. CoreLogic data since 2000
show that the rate of mortgages at risk of foreclosure in
Tampa has been consistently higher than in the nation since
mid - 2007. The share of distressed mortgages hit its peak in
September 2011 at 16.3 percent in Tampa and remains at
that level; national rates declined from a high of 7.9 percent
in February 2010 to 6.7 percent currently. Although the
share of distressed mortgages has been substantially higher
in Tampa than the nation overall, Realty Trac data indicate
that the foreclosure rate since April 2009 is the same as the
Tampa MSA NSP Activity (Housing Units)

Projected

Completed

647

370

Clearance and demolition

97

137

Construction of new housing

23

4

Homeownership assistance to low- and
moderate-income

53

8

474

221

NSP1 Total

Rehabilitation/reconstruction of
residential structures

225

25

47

23

Construction of new housing

3

0

Homeownership assistance to low- and
moderate-income

3

2

172

0

NSP2 Total
Clearance and demolition

Rehabilitation/reconstruction of
residential structures

285

0

Clearance and demolition	

81

0

Construction of new housing

46

0

Homeownership assistance to low- and
moderate-income

28

0

130

0

NSP3 Total

Rehabilitation/reconstruction of
residential structures

NaXon	
  

Source:	
  CoreLogic	
  

Mortgage Aid Extended 64,000 Times to Mitigate Rising Foreclosures
Tampa	
  MSA:	
  CumulaIve	
  Offers	
  of	
  Aid	
  by	
  Source	
  Compared	
  with	
  Foreclosures	
  
Since	
  April	
  1,	
  2009	
  (Thousands)	
  

70	
  

Mortgage	
  Aid	
  Offers	
  in	
  Tampa	
  MSA	
  from	
  	
  April	
  2009	
  through	
  	
  November	
  2011:	
  	
  64,000	
  
Foreclosure	
  CompleIons	
  Over	
  Same	
  Period:	
  	
  25,300	
  

60	
  
50	
  
40	
  
30	
  
20	
  
Foreclosure	
  Completion	
  Rates	
  in	
  the	
  Tampa	
  MSA
10	
   Fourth	
  Quarter	
  2011
Since	
  April	
  1,	
  2009
Foreclosure	
  
Foreclosure	
  
Foreclosure	
  
Foreclosure	
  
Area
0	
  
Completions
Rate
Completions
Rate
Tampa	
  MSA	
  
	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  2,300	
  
0.17%
	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  26,000	
  
1.9%
Nation	
  
	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  175,800	
  
0.13%
	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  2,507,800	
  
1.9%
FHA	
  Loss	
  MiIgaIon	
  
Hamp	
  ModificaIons	
  
EsImated	
  Hope	
  Now	
  ModificaIons	
  
Foreclosure	
  CompleIons	
  
Note:	
  	
  Foreclosure	
  Rates	
  as	
  Percent	
  of	
  All	
  Housing	
  Units;
	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  Data	
  through	
  December	
  2011	
  for	
  Foreclosures	
  since	
  April	
  2009
Note:	
  	
  Data	
  on	
  HOPE	
  Now	
  proprietary	
  mortgage	
  modificaIons	
  are	
  not	
  available	
  at	
  metropolitan	
  area	
  level.	
  However,	
  HOPE	
  Now	
  
Source:	
  Realty	
  Trac	
  areports	
  191,000	
  non-­‐HAMP	
  modificaIons	
  since	
  April	
  1,	
  2009	
  in	
  the	
  state	
  of	
  	
  FL	
  of	
  which	
  	
  14	
  percent	
  are	
  esImated	
  by	
  HUD	
  
Alliance	
   nd	
  Census	
  Bureau
to	
  have	
  occurred	
  in	
  the	
  Tampa	
  MSA.	
  
	
  

national rate. Similar to the nation, foreclosure completions have been on the decline
in Tampa, decreasing from 12,917 during 2010 to 7,253 for 2011, although lender
process reviews continue to affect foreclosure completions locally and nationally. A
partial explanation for the high level of mortgages at risk of foreclosure and the relatively
low rate of foreclosure completions in Tampa is the time it takes to complete a foreclosure
in Florida. According to Realty Trac, the average foreclosure processing time in Florida,
which employs the judicial foreclosure process, was 806 days in the fourth quarter of
2011, more than twice the corresponding national rate of 348 days. CoreLogic reports
that 47 percent of mortgages in the Tampa MSA are currently underwater – compared to
22 percent nationally - representing additional homeowners and loans potentially at risk.

The Administration’s Efforts to Stabilize the
Tampa Housing Market:

From the launch of the Administration’s assistance programs in April 2009 through the
end of November 2011, approximately 64,000 mortgage assistance interventions
have been offered to homeowners in the Tampa metropolitan area. More than 37,200
interventions were offered through the Home Affordable Modification Program (HAMP)
and the Federal Housing Administration (FHA) loss mitigation and early delinquency
intervention programs. An estimated additional 26,800 proprietary mortgage

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1.636935

U.S Department of Housing and Urban Development
U.S. Department of the Treasury

U.S. Department of Housing and Urban Development | Office of Help American Homeowners
The Obama Administration’s Efforts to Stabilize the Housing Market andPolicy Development and Research | January 2012
modifications have been offered through HOPE Now Alliance servicers.
While some homeowners may have received help from more than one
program, the number of times assistance has been offered in the Tampa
MSA is more than two and one-half times the number of foreclosures
completed during this period (25,300). In addition to offers of mortgage
aid to homeowners, the Administration’s Neighborhood Stabilization
Program (NSP) and Hardest Hit Fund have helped to stabilize the Tampa
housing market.
Given over three rounds, the Neighborhood Stabilization
Program has invested $7 billion nationwide to help localities work
with non-profits and community development corporations to turn tens
of thousands of abandoned and foreclosed homes that lower property
values into homeownership opportunities and the affordable rental
housing that communities need. In addition to stabilizing neighborhoods
and providing affordable housing, NSP funds have helped save jobs.
Each home purchased, rehabilitated and sold through the NSP program
is the result of the efforts of 35 to 50 local employees.
Overall, a total of $187.5 million has been awarded to nine grantees
in the Tampa MSA: the cities of Tampa, St. Petersburg, and Clearwater;
the counties of Hernando, Hillsborough, Pasco, and Pinellas; and
two consortia, one led by the Tampa Housing Authority and the other
by Neighborhood Lending Partners of West Florida, Inc. The seven
government jurisdictions received $69.8 million in NSP1 funds and
$29.7 million in NSP3 funds, and the two consortia received $88.0
million in NSP2 funds. Approximately 395 households have already
benefited from NSP, and activities funded by the program are expected to
provide assistance to an additional 1,157 owner and renter households.
Here are some examples of how these funds have been put to use:
• 	 The Tampa Housing Authority and the City of Tampa are
part of a consortium that is using $38 million in NSP2 funding to
reignite a promising redevelopment project. Dubbed “Encore,”
the project reflects the community’s aspiration to restore a
neighborhood’s rich and storied past. Nearly 450 units of high‐
quality affordable housing will be rebuilt on the 28-acre site with
$28 million of the award. The remaining $10 million is being used
for the acquisition of foreclosed residential and rental properties,
land banking, and the expansion of the City of Tampa’s down
payment assistance and soft-second home loan program in
neighborhoods surrounding the project site.
• 	 Bayside Court Apartments, which consists of 144 two- and threebedroom garden-style apartments for mixed-income renters, is being
developed in Pinellas County through a public-private partnership,
with partial funding from an NSP2 award of $50 million to a
consortium consisting of Neighborhood Lending Partners ,
Pasco County, Pinellas County, and the Pinellas County
Finance Authority. J.P. Morgan Chase is also providing funding
for the project.
• 	 The City of St. Petersburg was awarded $9.5 million under
NSP1. The city has used part of this funding to renovate Burlington
Gardens, a 20-unit building which is now fully occupied and
provides permanent housing for people with disabilities.
• 	 The City of St. Petersburg was also awarded an NSP3 grant
of $3.7 million. Some of this funding has been used to rehabilitate
Fountain View, a 16 unit project that will be ready for occupancy
in March. Ten of the units will provide permanent housing for very
low income and homeless individuals, while the Youth Aging Out of
Foster Care Program will occupy six units.

• 	 Hillsborough County received an NSP1 grant of $19.1 million.
The county, in partnership with six nonprofit agencies, used part of
this award to acquire and rehabilitate 63 homes. Forty percent of
the homes have already been sold.
• 	 Under NSP3, Hillsborough County also received an $8.1
million award. The county plans to use a portion of these funds
to rehabilitate and construct a total of 116 units beginning in the
spring of 2012.
• 	 In Pasco County, part of a $19.5 million NSP1 grant has gone
towards purchasing and rehabilitating 520 homes, of which 305
have been restored to date and 245 sold to eligible home buyers.
Pasco County partnered with non-profit agencies for their real estate,
property management and people skills, and construction firms to
perform their work.
• 	 Pinellas County received an achievement award for preserving
Norton Apartments, a complex offering affordable rental housing.
The county used part of an $8.1 million NSP1 grant to restore 48
units.
As part of the State of Florida’s housing recovery efforts, the Florida
Hardest Hit Fund program was launched on April 18, 2011 to help
Florida homeowners who have experienced a substantial decrease in
income due to job loss or underemployment, by providing a mortgage
payment bridge while they seek new or better employment. The Florida
Hardest Hit Fund program is funded by a grant of more than $1 billion
from the Administration’s Hardest Hit Fund and administered by
Florida’s Housing Finance Corporation. Assistance is provided in one of
two ways:
•	

Unemployment Mortgage Assistance Program (UMAP)
provides up to six months of payments (with a cap of $12,000)
to the mortgage lender to assist unemployed and underemployed
borrowers with their first mortgage until they can resume full
payments on their own.

•	

Mortgage Loan Reinstatement Payment (MLRP) Program
is used to bring a delinquent mortgage current (up to $6,000)
for a homeowner who has returned to work or recovered from
underemployment.

Homeowners must meet all eligibility requirements to be considered
for the program. Homeowners experiencing a reduction in household
income must have a documented hardship due to unemployment or
underemployment through no fault of their own.
The homeowner’s household income is reviewed to determine the level
of assistance needed and the minimum mortgage payment that may be
contributed by the borrower. Eligible homeowners close on a 0 percent
interest rate subordinate loan similar to a home equity line of credit.
Following the assistance period, the loan will be forgiven at a rate of 20
percent per year for five years.
To date, 198 mortgage servicers have agreed to participate in at least
one of the Florida Hardest-Hit Fund programs. Florida homeowners
who believe they may be eligible for these programs should visit www.
flhardesthithelp.org. Florida Housing has these funds available until
2017 or until all funds are expended to help struggling homeowners and
prevent avoidable foreclosures.

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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102