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Affordable Housing Development in Zip Code 34711: Analysis of LIHTC Program Impact in Clermont, Florida
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 34711 in Clermont, Florida, encompasses an area of 60.71 square miles with a population of 67,372 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 243 affordable housing units in this zip code, including 207 low-income units. These LIHTC-funded units constitute approximately 0.94% of the total housing stock, estimated at 25,813 units in the zip code.
The LIHTC projects in zip code 34711 have received $364,571 in tax credits, averaging about $1,500 per unit. This funding represents 0.05% of Florida's total LIHTC allocation, indicating a relatively small portion of the state's affordable housing investment in this area.
LIHTC-funded affordable housing has been present in zip code 34711 since 2001, with the most recent project completed in 2019. The 2000s saw the most significant affordable housing development activity, with two projects completed: Osprey Ridge Apartments in 2001 and Sunny Hill in 2006. The latest addition, Woodcliff, was completed in 2019.
The affordable housing inventory in zip code 34711 consists of 34 one-bedroom units, 143 two-bedroom units, and 66 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families within the LIHTC-funded developments.
Demographic trends in zip code 34711 show significant population growth from 52,628 in 2013 to 67,372 in 2022. Median income increased from $71,772 in 2013 to $76,894 in 2022. The racial composition shifted, with the white population decreasing from 64% to 57% and the Hispanic population increasing from 16% to 23% during this period.
Despite population growth and demographic changes, only one LIHTC project (Woodcliff) was completed in zip code 34711 in the last decade. This limited development suggests that other factors, such as alternative affordable housing programs or market-rate housing affordability, may be influencing the need for LIHTC-funded projects in this area.
Zip code 34711 has a modest LIHTC-funded affordable housing inventory, representing less than 1% of its estimated housing stock. The area has experienced consistent population growth, income increases, and increasing racial diversity over the past decade. While LIHTC development has been limited in recent years, the existing projects provide a range of unit sizes to serve various household needs. The analysis reveals a complex relationship between demographic trends and affordable housing development in this growing Florida community.
