Housing Corporation of America, Inc. was formed to acquire and rehabilitate, or build new, affordable rental or for sale housing in the state of Florida, for very low, low and moderate-income individuals and families, elderly persons and other persons with special needs. Our goal is to continually increase the quality and capacity of the organization in providing housing to these groups, wherever there is a need.
The Housing Corporation of America, Inc. (HCA) was formed to acquire and rehabilitate, or build new, affordable rental and for sale housing in the state of Florida, for very low, low and moderate-income individuals and families, elderly persons and other persons with special needs. Our goals are: To acquire and rehab, or build new, single family for sale or multi-family rental units that will be maintained at an affordable level for the targeted population. To have a positive impact on the surrounding neighborhoods by renovating vacant, derelicts structures, and encourage other landlords to improve the quality of their housing stock. To insure those tenants, who need social services, such as housing counseling, public assistance, or job training are referred to appropriate social service providers in the community. It is our intent to work jointly with the Community Service Foundation, Inc. and Neighborhood Housing Services, Inc. to provide housing counseling. To continually increase the quality and capacity of the organization in providing housing to these groups, wherever there is a need. HCA will operate with the assumption that Section 8 rent subsidies will not be available: instead, HCA will keep rents affordable by relying on economical acquisition and rehab practices, and front end subsidies involving below market rate financing, grants and donations. Development and management fees will be used to cover overhead. The focus will be on 1) acquiring multi-family properties and rehabbing them and renting them to the target populations or 2) acquiring sites, building new, and renting units to the target populations and 3) acquiring and rehabbing for sale, HUD foreclosed single family residences. The target, in terms of becoming self-sustaining, is a base of 400-500 units of rental housing. Although HCA will own, direct and develop all business policies involved with such developments, it will rely heavily on the technical services and expertise of other for-profit and not-for-profit subcontractors. The market place in the Tampa Bay Area has been remarkably stable in recent years with current occupancy rates in excess of 97%, with the trend in newer units built since 1990 to be 97.6% occupied. The gross average rent trend analysis for the Tampa Bay area has been trending upward with the largest increases coming in the two and three bedroom apartment units. Only 10.7% of the total units have been constructed since 1990. 41% were constructed prior to 1979.