We hear it all the time: “affordable housing.”

We’ve written about the term dozens of times, but we’ve never really stopped to break down what the word means — and what it means for you.

For example, earlier this month construction began on a much-anticipated affordable housing community in Seminole designed specifically for veterans. The project, which should be finished in just over a year, aims to offer a lower-cost option for TBAY's vets.

But how?

Well, rent for those tenants will be capped at one-third of their income.

And the good news is, if you need a lower-cost living situation, TBAY's building a whole bunch of affordable housing units. (And you don't have to be a veteran to get one.)

What is affordable housing?

Think of it like a life preserver. Affordable housing units in the Sunshine State are often government-subsidized sections of new developments. Each unit can offer a family or single person a safe and stable living environment.

Both Tampa and St. Pete have some of the highest rent prices in the nation. If you need proof, just check out our cost of living guide.

Do you qualify?

You might. Here’s some resources to check to see if you’re eligible.

Note: wait lists could potentially be full or closed.

Right now, the demand for affordable spaces in TBAY is high + it has advocates asking officials to take action.

Projects we’re keeping an eye on

Tampa Bay officials are working on adding more affordable units to the market. Here's a couple on the horizon:

The Rome Yard development project in West Tampa is expected to create 600 affordable units out of a total of 954.
The Pinellas County Board of Commissioners recently approved $12.5 million for four apartment complexes around the Burg, including:
- Skyway Lofts (34th St. S.) | 66 multi-family units
- Burlington Post II (Burlington Ave. N.) | 76 multi-family units
- Heritage Oaks (Greater Ridgecrest area) | 80 units for seniors
- Lealman Heights | 86 units