The City of Tampa City Council has approved Domain Homes to provide new, affordable homes in the city's urban core.
Domain Homes will build 75 new homes for income-eligible, first-time home buyers. They may also qualify for up to $40,000 in down payment assistance grants depending on their financial situation. Domain Homes will also collaborate with Habitat for Humanity to build an additional 10 homes for eligible families.
"We are ecstatic to be a partner helping to revitalize the City's Urban Core with these funds for affordable, quality-built homes, as well as teaming up with Habitat for Humanity and CDC of Tampa," said Domain Homes's president and owner Sharon McSwain. "It's an honor to build homes for the nurses, teachers, firefighters, police officers, and other professionals who make our city run smoothly. At the same time, we're giving vacant properties new life with well-built, cutting-edge homes. We've created an entirely new division for this initiative, which we've branded as URBAN 360⁰. "
URBAN 360⁰ homes aren't available to just anyone. To qualify, most home buyers cannot have owned a home during the past three years. Some home buyers may be required to complete financial classes as part of their loan qualification.
Down payment assistance grants may be available for up to $40,000 for buyers purchasing a URBAN 360⁰ home. The grants provide a powerful incentive for home buyers to move to an urban area that has been in decline and re-energize the neighborhood. For many families, the grant enables them to get a home three to five years sooner than if they saved the money themselves.
As part of the agreement with the City, Domain Homes is building a Model Home and Discovery Center at 815 East Palm Avenue. At the Model Home, buyers can see the design, quality, and technology that will go in to each URBAN 360⁰ home. At the Discovery Center they can explore various options for floor plans and upgrades as well as finishes.
The URBAN 360⁰ Model Home is scheduled to be complete and open to the public in June. Domain Homes expects to build and close 18 homes by the end of 2018.
"We're doing more than building homes here; we're partnering with the City to enhance our community by expanding opportunities to more people to invest," said McSwain. "It's important for us to respect the people who have lived here for generations. They will be part of this renewal process. We have plans beyond home-building that will make this a positive and exciting transformation for everyone."