Tampa CRA expands down payment assistance for first-time homebuyers

Fannie Mae Tightens Condo Financing Reviews

Fannie Mae will end its fast-track limited review for condo projects on August 3, requiring full financial reviews of buildings' budgets, reserves, delinquency rates, and overall financial health.

The change appears in Fannie Mae Lender Letter LL-2026-03 and affects New York's older, densely packed co-op and condo stock. The Mortgage Bankers Association cautioned that processing times will likely stretch during this transition period as lenders gather documents from buildings.

Reserve allocation for capital expenditures rises from ten percent to fifteen percent of annual budgeted assessment income starting January 4, 2027, under Fannie Mae's new full review standard.

Fannie Mae is retiring the fifty percent cap on investor concentration for established projects under full review, which should open financing. Buildings with fewer than ten units will not face the same review compared with fewer than four units before now.

Julie Teitel, a loan officer at Rate with more than 30 years of experience, advises buyers to contact lenders early to flag a building's status under full review.

Largo Opens Horizon West Bay City Hall

Largo's new $85 million City Hall, called Horizon West Bay, opens for the first time Tuesday, May 19, at 8 a.m. The facility offers building, permitting, and planning services in downtown Largo after years of delay following pandemic and hurricane setbacks.

Groundbreaking took place in October 2022, and the building was originally expected to open at the end of 2024, before pandemic and hurricane delays pushed the schedule back.

Horizon West Bay includes an outdoor plaza, event and retail space, and open-concept workspaces for residents and businesses in downtown Largo. Retail tenants include Parlor Doughnuts, Louis Pappas Fresh Greek, and Strachan's Ice Cream along with other commercial options for visitors.

The building has more than 23 meeting rooms, nine private phone rooms, two training rooms, and a 340-kilowatt solar system spanning 25,000 square feet above the plaza.

Horizon Operations Manager Charles Stanton said the community corner includes an event space and commission chambers for public use and gatherings. Chris Tillett, who oversees economic development and housing, called Horizon West Bay a major milestone for downtown and a massive investment.

Tampa CRA Expands Down Payment Assistance

The East Tampa Community Redevelopment Area, spanning roughly 7.5 square miles, offers eligible buyers up to $50,000 in down payment assistance through city programs for home purchases.

An additional $50,000 is available for homes purchased within East Tampa CRA boundaries under the expanded program for first-time buyers. Officials say about 66 percent of the agency's budget supports affordable housing development and preservation across the redevelopment area each year.

Alexia Smokler, Director of Fair Housing Policy for the National Association of Realtors, said past programs often excluded many Americans. She noted discriminatory practices were made illegal less than 60 years ago, leaving lasting disparities that continue to shape housing access.

Community Development Coordinator Be Parks said rising debt and financial strain create barriers as residents use credit cards more for regular expenses that can affect eligibility.

The Tampa CRA will host a housing fair Saturday at 9 a.m. at the Fair Oaks Community Center for residents. Approved buyers will also tour potential home sites within CRA boundaries this weekend to learn about opportunities available to them.