— The housing boom has been an economic nightmare for the Florida city of Tallahassee.
In an effort to help create more affordable housing, the city is looking at how to create more apartments.
As part of the effort, the City Council has approved the creation of a Housing Innovation Program, or HIP, with the goal of creating 1,000 apartments.
The program will target apartments that would be affordable to low- and moderate-income residents.
It also will provide grants to cities, counties and non-profit housing providers to help them get started on the program.
“I believe we are making the most of the resources that are available, but there are some other cities that have not done so,” said Councilmember Stephanie O’Malley.
The city’s new housing initiative has been criticized by some as overly bureaucratic.
Some of the funding, however, is already being used.
The Housing Innovation Fund will include $20,000 in grants that will be allocated to local non-profits to start construction on new apartments.
This program is in addition to $10,000 already allocated to cities and counties to support the creation and maintenance of housing.
The city has already been working on the HIP program for years, but now the City Manager says the program is a bigger initiative.
HIP is being created to help us better meet the needs of our residents,” said Tallahascity Mayor Karen Carter.
TALLAHassee will be able to choose from six different kinds of apartments, and the amount of units they can offer depends on how much the city needs to spend on the development.
One of the cities funding options is a 5,000 square foot apartment, with a total of three bedrooms and two bathrooms.
According to the city’s housing website, the project will be a 50-bedroom apartment, which would be built in the city and would be designed to accommodate 1,400 residents.
The average cost of a typical condo in Tallahasees is $2.1 million.
If the project were to be approved, that amount would be $1.8 million.
Once construction is complete, the apartment will have a minimum of three floors.
If it’s a single-family house, it will have two floors.
If the city wanted to build a luxury apartment, it would be up to the developers to decide how many bedrooms the unit will have.
The Housing Initiative also includes a $50,000 grant to help local non profit housing providers build housing units.
The City Council also is considering $1 million in additional grants for the program, which is part of a broader effort to support low-income housing in Tallahsas.