2 min read May 2023 — Dr. Sarah Combs, CEO of University Area CDC, talked to Invest: about the importance of investing in affordable housing, youth programs and community engagement to achieve economic development and support a thriving community in Tampa Bay. “We think it is possible to achieve development across the entire board and provide advancement opportunities,” she said.
What were last year’s biggest highlights for University Area CDC?
Our vertical developments. One of the more exciting ones is our Uptown Sky, which comprises 61 units and is specifically designed for low-income individuals. We were able to get an innovative capital stack in which we took a 4% low-income housing tax credit and paired that with a $5.82 million low-interest loan from Hillsborough County through its HOPE and SHIP Affordable Housing Trust Fund. This $22 million development will open in July. The other major success is in infrastructure. We made improvements in areas like sidewalks and lighting. A lot of our residents lack access to sewer and water, so we have made some headway there by obtaining a $5 million grant in conjunction with Hillsborough County to connect residents to sewer and water. We cannot develop on shoddy infrastructure, so we really must address those issues.
What is the importance of affordable housing for economic development?
Housing is no longer an issue just for low-income individuals but a problem across the board now. Even the middle class are searching for housing, so the rents are escalating. This affects the workforce and the businesses around us. When people cannot afford to live here because rents are astronomical, that affects the labor pool and creates shortages. If people cannot afford to live in our communities, then we will lack the workforce we need to have a thriving economy. We are creating programs that ensure that some rents will stay at a rate that people can afford. By doing so, we make sure that school teachers, firefighters, police officers and other members of the community are not displaced.
Where have you identified the biggest opportunities for University Area CDC right now?
That would be to further solidify the partnerships that we have with our anchor institutions. We need to figure out how we can create solutions to address the workforce shortages these organizations are experiencing. This means training community members in the certifications that they need to obtain those jobs that are in demand. There is a higher employee retention when your workforce is local, so this will benefit the businesses because it will deal with the shortage of employees and it will also benefit the community because people will find good jobs.
The Greater Tampa Bay region is becoming ideal for business expansion and relocation. Where does the University Area CDC sit in this landscape?
We are surrounded by economic engines that are helping unleash the power of economic development in the University area and attracting that talent. Nevertheless, we need to make sure that those benefits come to the residents who are currently living here and that it does not become a fast-track for gentrification via displacement. We can bring in these new businesses and spur economic growth and development but in a way that is equitable and fair.
In that sense, we are like the community`s quarterback. We focus on everything that residents need, from health and wellness, youth programs, infrastructure and development, to crime and safety. Although we do not offer all of those services ourselves, we bring in the partners that do. We are working with businesses, anchor institutions and residents to find ways to operate that benefit the entire community. We think it is possible to achieve development across the entire board and provide advancement opportunities for the small businesses that are here as well as the larger economic engines.
What is the CDC`s strategy to navigate the challenging economic landscape?
We need to figure out what is in our purview that we control and how we can create innovative solutions to some of the challenges ahead. If we see that interest rate increases will affect some of the properties that we are developing, we need to figure out a way to get ahead of that. We are planning around those potential challenges because we do not want to be caught off guard. We have seen what happens with layoffs and closures and we are not going to be part of that statistic.
What kind of community engagement programs is University Area CDC prioritizing?
The programs that we want to implement are those that are proven to work and can change the trajectory of the future. For instance, Prodigy is an important prevention program that has been around for over 22 years. In that project, we work with youths to engage them in something that they are passionate about, such as visual arts, music studio production, violin, drumming and so on. Working with our youth helps them develop life skills, such as anger management, problem-solving abilities and leadership skills. Providing these opportunities to younger people means we do not have to see them in the juvenile justice system. We have a 99% non-recidivism rate, which means most of the kids in this program are not getting in trouble with law enforcement.
What are the strategies of University Area CDC to combat labor shortage?
What has worked for us is talking with the anchor institutions and economic engines to determine what positions they are struggling to fill and then creating certification programs for those jobs so that our residents can get them. We thus create a pipeline of employment that benefits both sides. On the one hand, we help residents of the community have access to a livable wage. On the other hand, we supply labor to anchor institutions that need those employees. It is a win-win that solidifies our partnerships and relationships but also stabilizes our community.
What are some of the chief challenges facing local businesses and redevelopment and how are you addressing them?
Transportation continues to be a big challenge to overcome in Tampa. We have grown in many ways, but transportation has just stood still. If we cannot develop the transportation that we need, that will adversely affect the businesses. It will also impede people from relocating here because the infrastructure will not be sufficient.
What should businesses keep in mind about the Greater Tampa Bay Area when communicating with the local business community?
Social and corporate responsibility are two matters that they must keep in mind. This means showing how a new business coming into this area can fit in with the local fabric and cultural diversity and give back to our community. It is also important that they are embedded in a way that they can grow roots. That requires some intentional conversations that showcase what is the community’s benefit. I think that those conversations are basic to maintain this beautiful, diverse and equitable place to live.
What are some initiatives that the CDC is launching to attract new opportunities to the area?
We are building a new cultural campus that will focus on economic drivers for small, minority businesses. It will be a true mixed-use development that includes housing and businesses. It will bring the business community and the residents together in a way that can really create some pilot programs that can be replicated in other areas. Another critical piece is investing in the education system. Given the challenges that Florida’s education system faces, that piece is extremely important.
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