Ernest Coney, Chief Executive Officer, Corporation to Development Communities of Tampa

July 2026 — Invest: sat down with Ernest Coney, chief executive officer of the Corporation to Develop Communities of Tampa, to discuss how interest rates, rising costs, and new building approaches are reshaping affordable housing and workforce readiness across the region. “If housing is not attainable, families cannot build stability, and employers cannot retain the workforce they need,” Coney said.

What changes over the past year have most impacted your organization, and in what ways?

Last year underscored how sensitive housing and workforce outcomes are to interest rates. We went from a period of historically low rates to a market where borrowing costs climbed quickly, and that shift tightened affordability across the board. A move from around 4% to 6% changes the monthly payment enough that many buyers either delay purchasing or have to reduce what they can afford.

That does not just hit households. It also affects the broader economy because higher rates make financing more expensive for developers, nonprofits, and small businesses. When borrowing gets tighter, projects take longer to pencil out, and fewer households can qualify at the same time. We understand the push to reduce inflation, but we also see how that pressure lands unevenly and can price people out of stability, especially when wages are not keeping pace with overall costs.

What has been the most meaningful impact you are seeing from your recent housing work?

The most meaningful change is that the housing conversation is no longer limited to nonprofits and advocates. For years, we have been pushing the message that housing needs to match wages and that families should have options aligned to what they earn. Now more of the private sector is reinforcing that message because they are experiencing the consequences directly.

We are hearing it from employers and community partners in a new way. Now you have the private sector saying, hey, it’s hard for me to recruit and keep good talent because they can’t afford to live here. That alignment matters because workforce and housing are connected. When people cannot afford to live near jobs, employers struggle to hire and retain, and the region loses momentum on growth that is inclusive and sustainable.

The CDC trains more than 15,000 people through its workforce development efforts. What initiatives will ensure training aligns with Tampa Bay’s goals?

We are prioritizing short-term certifications that can be completed in about eight to 12 weeks. The goal is to help people move quickly from a job to a career, and to support upskilling for residents who are working but not yet earning at a level that creates long-term stability. Short timelines also matter because residents need results they can feel quickly, and employers need talent in the market now, not a year from now.

We also stay focused on the sectors that are hiring and that offer upward mobility. Hospitality and customer service remain important in Florida, but we are seeing strong, resilient demand in healthcare, which tends to hold up across economic cycles. Construction is another major driver, with needs across the trades and professional roles as the region continues to build. We are also seeing more IT opportunities, including areas connected to AI, and the presence of MacDill Air Force Base contributes to demand in government-adjacent contracting and related industries. Taken together, those priorities help ensure training connects to real jobs and clear career ladders.

When you look at the wider market, what trends are you observing in community development?

One trend is the growing creativity in financing and deal structure. With land and construction costs rising, developers and community organizations are having to build capital stacks differently and use tools in more flexible ways. We have leveraged new market tax credits, which are traditionally used for commercial development, to support housing projects as well. That kind of approach is becoming more common because traditional models are harder to make work at today’s price points.

We are also seeing an increased focus on smaller units and more efficient design. The market is recognizing that meeting the scale of need requires options that reduce cost without compromising quality, and smaller homes can offer a realistic entry point while still supporting ownership and equity building. Alongside that, innovation in materials and construction techniques is accelerating, especially when it can improve speed, resilience, and long-term operating costs.

What is the biggest obstacle to expanding affordable housing and economic mobility in Tampa Bay today?

Pricing is the biggest obstacle. Land is far more expensive than it was a decade ago, and construction costs have increased as well. Those realities push the starting point of a project higher, and by the time a development is complete, a segment of the population is often priced out.

That is the core challenge for economic mobility. If housing is not attainable, families cannot build stability, and employers cannot retain the workforce they need. The question becomes how we bring the price point down and how we structure equity in deals so more households can afford what is being built. It requires partnership, smart financing, and continued innovation in how we deliver units.

How are rising costs and climate resilience considerations affecting project feasibility in Tampa Bay?

Insurance and resilience are major factors in feasibility. Florida’s hurricane risk has contributed to insurance market volatility, and when premiums rise sharply, affordability suffers immediately. We have seen insurance costs increase multiple times over traditional levels, and that affects both the household budget and the overall cost structure of development and long-term ownership.

From a resilience standpoint, construction methods and materials matter more than ever. We are evaluating approaches that can better withstand heavier storms, including techniques that rely less on traditional stick-built methods and more on systems designed for durability. We also see opportunities in sustainability and efficiency. Florida has enormous solar potential, and better building envelopes and energy choices can reduce long-term operating costs. The goal is to build housing that is more durable, more efficient, and ultimately more affordable to own over time.

How do you ensure residents in East Tampa and the wider region are not just participants, but co-designers of your priorities?

We build community input into the work in multiple ways. We partner with local organizations, neighborhood associations, and civic groups to stay grounded in what residents are experiencing and what they want to see next. We also gather structured feedback on a recurring basis to test assumptions and keep priorities aligned with the community, not just the market.

We also make a point to engage different age groups because needs vary. Seniors may be focused on aging in place. Families are navigating shifting household dynamics, including multi-generational living, with parents and young adults sometimes sharing space longer than in the past. Youth perspectives are also valuable, and we use youth programming to ask practical questions about what kinds of homes people would actually choose, what design elements matter, and what features make a space feel livable. That mix of input helps us shape housing and workforce priorities with residents, not just for them.

Looking ahead to the next two to three years, what are your key goals and priorities?

A key priority is building housing that requires less subsidy while still being attainable for everyday workers. If someone works in retail or food service, they should still have a realistic path to ownership. The rent payment many households make today should be a stepping stone to the American Dream, not a ceiling.

To get there, we are evaluating materials and construction methods that can reduce cost without sacrificing quality. We are using 3D-printed homes to assess whether they can meaningfully lower expenses, and we are also looking at panelized systems and other approaches that can improve efficiency and scalability. The long-term goal is to create ownership options that help families build and pass down stability, which has historically been a driver of a stronger middle class.