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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
North Port, Florida, a city in Sarasota County, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 286 units, all designated as low-income. This represents approximately 0.88% of the city's estimated 32,606 housing units. The city has received $229,849 in project tax credits through the LIHTC program, distributed across 4 projects, averaging $57,462 per project or $803 per unit. North Port's share of Florida's total LIHTC funding is 0.03%, indicating a small portion of the state's affordable housing resources.
The development of LIHTC projects in North Port spans a decade, from 1995 to 2005. The first project, Victoria Pointe, was completed in 1995, while the most recent, Grande Court At North Port, was finished in 2005. The early 2000s saw the highest activity, with three projects completed between 2002 and 2005. The LIHTC funded housing primarily consists of one-bedroom (94 units) and two-bedroom (64 units) apartments, with 32 three-bedroom units available for larger families.
North Port has experienced significant population growth, increasing from 66,293 in 2017 to 85,102 in 2022, a 28.4% growth rate. This suggests a rising demand for housing, including affordable options. The median income has increased from $53,662 in 2017 to $78,587 in 2022, potentially indicating a growing need for affordable housing for lower-income residents who may be priced out of the rising market.
The 2022 racial demographic data shows a predominantly white population (72%), with Hispanic (15%) and Black (6%) residents comprising significant minorities. This diversity may influence the need for culturally sensitive affordable housing options.
North Port's LIHTC funded affordable housing inventory covers a small percentage of the city's estimated housing stock. The city experienced a decade of LIHTC project development, primarily in the early 2000s, with a focus on one- and two-bedroom units. The rapid population growth and increasing median income over the past five years suggest a potential need for expanded affordable housing options to ensure housing accessibility for all income levels in this growing Florida city.