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

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

Spotlight on Tampa MSA | Page 1

Spotlight on the Housing 

Market in Tampa-St. PetersburgClearwater, Florida 

The Tampa-St. Petersburg-Clearwater, Florida Metropolitan Statistical Area (Tampa MSA) includes four counties: Hernando, Hillsborough, Pasco, and 

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. 

The share of distressed mortgages in and around Tampa – those 90 or more days delinquent or in foreclosure– is well above the national average, 

beginning with a significant rise in delinquencies and defaults among subprime loans in 2007. At 806 days, Florida has the third longest average 

foreclosure processing time among states, as lender processing delays and a backlog in the courts contribute to a high share of mortgages remaining 

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: 

More than 2.78 million people live in the Tampa MSA 

according to the most recent Census, and the local 

population has increased steadily since 2000. Over the 

past ten years, Tampa has seen an average annual increase 

of approximately 38,700 new residents (1.6 percent) – 

including an average of 36,950 that move to the area each 

year. The influx of new residents was the most rapid between 

mid - 2003 and mid - 2006 when the local economy added 

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 

Census, new housing production exceeded household growth 

in Tampa, and this excess construction contributed to an 

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 

exceeded corresponding population and household growth 

rates. Furthermore, second homes may be more prevalent in 

Florida which could explain higher housing unit growth. 

Tampa Housing Unit Growth Outpaced Population and 

Household Growth During the Past Decade

Date of Census 4/1/2000 4/1/2010

Tampa MSA Population 2,396,038 2,783,243 

Annual Growth Rate - 1.6%

Tampa MSA Households 1,009,316 1,151,263 

Annual Growth Rate - 1.4%

Tampa MSA Housing Units 1,143,979 1,353,158 

Annual Growth Rate - 1.8%

Source: Census Bureau (2000 and 2010 Decennial)

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

Date	
  of	
  Census 4/1/

Tampa	
  MSA	
  Population 2,396,

Annual	
  Growth	
  Rate	
   -­‐ 

Tampa	
  MSA	
  Households 1,009,

Annual	
  Growth	
  Rate	
   -­‐ 

Tampa	
  MSA	
  Housing	
  Units 1,143,

Annual	
  Growth	
  Rate	
   -­‐ 

Tampa	
  Housing	
  Unit	
  Growth	
  Outpaced	
  Popula

the	
  Past	
  Deca

Source: Census Bureau (2000 and 2010 Decennial)

120	
  

125	
  

130	
  

135	
  

140	
  

145	
  

150	
  

155	
  

160	
  

1,050	
  

1,100	
  

1,150	
  

1,200	
  

1,250	
  

1,300	
  

1,350	
  

1,400	
  

Thousands	
  

Year	
  and	
  Quarter	
  

Job Market Conditions are Improving for Tampa and for the Nation 

Quarterly	
  Nonfarm	
  Employment	
  

Tampa	
  	
  MSA	
   NaHon	
  (right	
  	
  axis)	
  

Seasonally	
  Adjusted	
  Data	
  	
  

Source:	
  Bureau	
  of	
  Labor	
  	
  StaHsHcs	
  

Millions	
  

0	
  

2	
  

4	
  

6	
  

8	
  

10	
  

12	
  

14	
  

Se

So

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

Date	
  of	
  Census 4/1/00 4/1/10

Tampa	
  MSA	
  Population 2,396,038 2,783,243

Annual	
  Growth	
  Rate	
   -­‐ 1.6%

Tampa	
  MSA	
  Households 1,009,316 1,151,263

Annual	
  Growth	
  Rate	
   -­‐ 1.4%

Tampa	
  MSA	
  Housing	
  Units 1,143,979 1,353,158

Annual	
  Growth	
  Rate	
   -­‐ 1.8%

Tampa	
  Housing	
  Unit	
  Growth	
  Outpaced	
  Population	
  and	
  Household	
  Growth	
  During	
  

the	
  Past	
  Decade

Source: Census Bureau (2000 and 2010 Decennial)

120	
  

125	
  

130	
  

135	
  

140	
  

145	
  

150	
  

155	
  

160	
  

Year	
  and	
  Quarter	
  

Job Market Conditions are Improving for Tampa and for the Nation 

Quarterly	
  Nonfarm	
  Employment	
  

Tampa	
  	
  MSA	
   NaHon	
  (right	
  	
  axis)	
  

ly	
  Adjusted	
  Data	
  	
  

Bureau	
  of	
  Labor	
  	
  StaHsHcs	
  

Millions	
  

0	
  

2	
  

4	
  

6	
  

8	
  

10	
  

12	
  

14	
  

Unemployment Rate Remains High Although Improving 

Monthly	
  Unemployment	
  Rate	
  (Percent)	
  

Tampa	
  MSA	
   NaHon	
  

Seasonally	
  Adjusted	
  Data	
  

Source:	
  Bureau	
  of	
  Labor	
  StaHsHcs	
  
The Obama Administration’s Efforts to Stabilize the Housing Market and Help American Homeowners | January 2012 U.S. Department of Housing and Urban Development | Office of Policy Development and Research

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

Spotlight on Tampa MSA | Page 2

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.

Home sales in the Tampa MSA remain sluggish. Existing 

home sales began a steep decline in 2006, but increased 

modestly in 2009 and 2010, while new home sales have 

been declining since 2005. During the first ten months of 

2011, existing home sales increased by 9 percent compared 

to the first ten months of 2010, while new home sales fell by 

24 percent, according to CoreLogic. Sales of bank-owned 

properties and short sales by homeowners currently represent 

31 percent of existing home sales in the Tampa market 

compared to a national rate of 28 percent. This high level of 

distressed sales contributes to continued weakness in Tampa 

home prices overall. The CoreLogic repeat-sales house price 

index shows that the rise in home prices in Tampa was nearly 

double the national pace (42 percent) between 2000 and 

mid - 2006. From their peak in May 2006 to the end of the 

house price bubble in April 2009, home prices fell sharply 

in Tampa (41 percent), compared with the national average 

peak-to-low decline of 31 percent. While national sales prices 

began to level off after April 2009, home prices in Tampa fell 

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 fuel 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 

the nation. While the share of investor purchases was higher 

in Tampa than the nation, it was lower than in other parts of 

Florida.

The rental market in Tampa is showing significant signs of 

improvement. According to Reis Inc., the overall apartment 

vacancy rate in Tampa was 6.7 percent in the third quarter of 

2011, down from 8.6 percent a year earlier but still above 

the national average of 5.6 percent. During the third quarter 

of 2011, average rents increased by 2 percent from a year 

ago to $850. The average rent nationwide also increased by 

2 percent during the same period to $1,060. 

Tampa	
  MSA	
   

Nation	
   

Note:	
  	
  Foreclosur

	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  Data	
  throu

Source:	
  Realty	
  Tr

Area

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

100	
  

120	
  

140	
  

160	
  

180	
  

200	
  

220	
  

240	
  

260	
  

Tampa Home Prices Declined Sharply After Steep Rise 

Market Remains Fragile 

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

Tampa	
  MSA	
   NaXon	
  

Source:	
  CoreLogic	
  

5

6

7

8

9

10

11

0

2

4

6

8

10

12

14

16

18

0	
  

1,000	
  

2,000	
  

3,000	
  

4,000	
  

5,000	
  

6,000	
  

7,000	
  

8,000	
  

0	
  

25,000	
  

50,000	
  

75,000	
  

100,000	
  

125,000	
  

150,000	
  

175,000	
  

200,000	
  

2003	
   2004	
   2005	
   2006	
   2007	
   2008	
   2009	
   2010	
  

New and Existing Home Sales: Tampa Compared to the Nation 

Annual	
  Home	
  Sales	
  (thousands)	
  	
  

NaXon:	
  ExisXng	
  Sales	
  (right	
  axis)	
   NaXon:	
  New	
  Sales	
  (right	
  axis)	
  

Tampa	
  MSA:	
  ExisXng	
  	
  Sales	
   Tampa	
  MSA:	
  New	
  	
  Sales	
  

Sources:	
  CoreLogic,	
  HUD/Census	
  	
  Bureau,	
  and	
  NaXonal	
  AssociaXon	
  of	
  Realtors	
  

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

Tampa Home Prices Declined Sharply After Steep Rise 

Market Remains Fragile 

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

5.0	
  

6.0	
  

7.0	
  

8.0	
  

9.0	
  

10.0	
  

11.0	
  

Year	
  and	
  Quarter	
  

Rental Vacancy Rates Consistently Higher an Nation Although Improving 

Quarterly	
  Apartment	
  Rental	
  Vacancy	
  Rates	
  (Percent)	
  

Tampa	
  MSA	
   NaXon	
  

Source:	
  Reis,	
  Inc.	
  

18	
  

Share of Distressed Mortgages Substantially Higher an the Nation 

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

0	
  

1,000	
  

2,000	
  

3,000	
  

4,000	
  

5,000	
  

6,000	
  

7,000	
  

8,000	
  

2004	
   2005	
   2006	
   2007	
   2008	
   2009	
   2010	
  

New and Existing Home Sales: Tampa Compared to the Nation 

Annual	
  Home	
  Sales	
  (thousands)	
  	
  

aXon:	
  ExisXng	
  Sales	
  (right	
  axis)	
   NaXon:	
  New	
  Sales	
  (right	
  axis)	
  

mpa	
  MSA:	
  ExisXng	
  	
  Sales	
   Tampa	
  MSA:	
  New	
  	
  Sales	
  

UD/Census	
  	
  Bureau,	
  and	
  NaXonal	
  AssociaXon	
  of	
  Realtors	
  

Tampa	
  MSA

Nation	
   

Note:	
  	
  Foreclosu

	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  Data	
  thro

Source:	
  Realty	
  T

Area

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

100	
  

120	
  

140	
  

160	
  

180	
  

200	
  

220	
  

240	
  

260	
  

Tampa Home Prices Declined Sharply After Steep Rise 

Market Remains Fragile 

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

Tampa	
  MSA	
   NaXon	
  

Source:	
  CoreLogic	
  

1

1

1

1

1

0	
  

1,000	
  

2,000	
  

3,000	
  

4,000	
  

5,000	
  

6,000	
  

7,000	
  

8,000	
  

0	
  

25,000	
  

50,000	
  

75,000	
  

100,000	
  

125,000	
  

150,000	
  

175,000	
  

200,000	
  

2003	
   2004	
   2005	
   2006	
   2007	
   2008	
   2009	
   2010	
  

New and Existing Home Sales: Tampa Compared to the Nation 

Annual	
  Home	
  Sales	
  (thousands)	
  	
  

NaXon:	
  ExisXng	
  Sales	
  (right	
  axis)	
   NaXon:	
  New	
  Sales	
  (right	
  axis)	
  

Tampa	
  MSA:	
  ExisXng	
  	
  Sales	
   Tampa	
  MSA:	
  New	
  	
  Sales	
  

Sources:	
  CoreLogic,	
  HUD/Census	
  	
  Bureau,	
  and	
  NaXonal	
  AssociaXon	
  of	
  Realtors	
  
The Obama Administration’s Efforts to Stabilize the Housing Market and Help American Homeowners | January 2012 U.S. Department of Housing and Urban Development | Office of Policy Development and Research

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

Spotlight on Tampa MSA | Page 3

Trends in Mortgage 

Delinquencies and Foreclosures: 

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 that Tampa area 

1.636935

MSA	
  NSP	
  Activity	
  (Housing	
  Units) Projected Completed

otal 647 370

nce	
  and	
  demolition 97 137

ruction	
  of	
  new	
  housing 23 4

ownership	
  assistance	
  to	
  low-­‐	
  and	
  moderate-­‐income 53 8

ilitation/reconstruction	
  of	
  residential	
  structures 474 221

otal 225 25

47 23

3 0

ownership	
  assistance	
  to	
  low-­‐	
  and	
  moderate-­‐income 3 2

ilitation/reconstruction	
  of	
  residential	
  structures 172 0

285 0

81 0

46 0

28 0

ilitation/reconstruction	
  of	
  residential	
  structures 130 0

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

nce	
  and	
  demolition

ruction	
  of	
  new	
  housing

otal

nce	
  and	
  demolition

ownership	
  assistance	
  to	
  low-­‐	
  and	
  moderate-­‐income

ruction	
  of	
  new	
  housing

0	
  

10	
  

20	
  

30	
  

40	
  

50	
  

60	
  

70	
  

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)	
  

FHA	
  Loss	
  MiIgaIon	
   Hamp	
  ModificaIons	
   EsImated	
  Hope	
  Now	
  ModificaIons	
   Foreclosure	
  CompleIons	
  

Note:	
  	
  Data	
  on	
  HOPE	
  Now	
  proprietary	
  mortgage	
  modificaIons	
  are	
  not	
  available	
  at	
  metropolitan	
  area	
  level.	
  However,	
  HOPE	
  Now	
  

Alliance	
  reports	
  191,000	
  non-­‐HAMP	
  modificaIons	
  since	
  April	
  1,	
  2009	
  in	
  the	
  state	
  of	
  	
  FL	
  of	
  which	
  	
  14	
  percent	
  are	
  esImated	
  by	
  HUD	
  

to	
  have	
  occurred	
  in	
  the	
  Tampa	
  MSA.	
  

Mortgage	
  Aid	
  Offers	
  in	
  Tampa	
  MSA	
  from	
  	
  April	
  2009	
  through	
  	
  November	
  2011:	
  	
  64,000	
  

Foreclosure	
  CompleIons	
  Over	
  Same	
  Period:	
  	
  25,300	
  

Tampa MSA NSP Activity (Housing Units) Projected Completed

NSP1 Total 647 370

Clearance and demolition 97 137

Construction of new housing 23 4

Homeownership assistance to low- and 

moderate-income 53 8

Rehabilitation/reconstruction of 

residential structures 474 221

NSP2 Total 225 25

Clearance and demolition 47 23

Construction of new housing 3 0

 Homeownership assistance to low- and 

moderate-income 3 2

Rehabilitation/reconstruction of

residential structures 172 0

NSP3 Total 285 0

Clearance and demolition 81 0

Construction of new housing 46 0

Homeownership assistance to low- and 

moderate-income 28 0

Rehabilitation/reconstruction of 

residential structures 130 0

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 

Foreclosure Completion Rates in the Tampa MSA

Area

Fourth Quarter 2011 Since April 1, 2009

Foreclosure 

Completions

Foreclosure 

Rate

Foreclosure

Completions

Foreclosure 

Rate

Tampa 

MSA 2,300 0.17% 26,000 1.9%

Nation 175,800 0.13% 2,507,800 1.9%

Note: Foreclosure Rates as Percent of All Housing Units; Data through

December 2011 for Foreclosures since April 2009

Source: Realty Trac and Census Bureau

Foreclosure	
  

Completions

Foreclosure	
  

Rate

Foreclosure	
  

Completions

Foreclosure	
  

Rate

Tampa	
  MSA	
   	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  2,300	
   0.17% 	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  26,000	
   1.9%

Nation	
   	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  175,800	
   0.13% 	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  2,507,800	
   1.9%

Note:	
  	
  Foreclosure	
  Rates	
  as	
  Percent	
  of	
  All	
  Housing	
  Units;

	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  	
  Data	
  through	
  December	
  2011	
  for	
  Foreclosures	
  since	
  April	
  2009

Source:	
  Realty	
  Trac	
  and	
  Census	
  Bureau

Foreclosure	
  Completion	
  Rates	
  in	
  the	
  Tampa	
  MSA

Fourth	
  Quarter	
  2011 Since	
  April	
  1,	
  2009

Area

Tampa Home Prices Declined Sharply After Steep Rise 

Market Remains Fragile 

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

Tampa	
  MSA	
   NaXon	
  

5.0	
  

6.0	
  

7.0	
  

8.0	
  

Year	
  and	
  Quarter	
  

Tampa	
  MSA	
   NaXon	
  

Source:	
  Reis,	
  Inc.	
  

0	
  

2	
  

4	
  

6	
  

8	
  

10	
  

12	
  

14	
  

16	
  

18	
  

Tampa	
  MSA	
   NaXon	
  

Source:	
  CoreLogic	
  

Share of Distressed Mortgages Substantially Higher an the Nation 

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

0	
  

1,000	
  

2,000	
  

3,000	
  

4,000	
  

5,000	
  

2004	
   2005	
   2006	
   2007	
   2008	
   2009	
   2010	
  

aXon:	
  ExisXng	
  Sales	
  (right	
  axis)	
   NaXon:	
  New	
  Sales	
  (right	
  axis)	
  

ampa	
  MSA:	
  ExisXng	
  	
  Sales	
   Tampa	
  MSA:	
  New	
  	
  Sales	
  

UD/Census	
  	
  Bureau,	
  and	
  NaXonal	
  AssociaXon	
  of	
  Realtors	
  

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

U.S Department of Housing and Urban Development

U.S. Department of the Treasury

Spotlight on Tampa MSA | Page 4

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.