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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Live Oaks Square, a neighborhood in Tampa, Florida, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 385 units in LIHTC funded projects, with 268 designated as low-income units. Based on the 2022 population of 3,331 and using the national average household size, the neighborhood is estimated to have approximately 1,276 housing units. LIHTC funded affordable housing comprises about 30.2% of the estimated housing inventory, representing a substantial portion of the neighborhood's housing stock.
The LIHTC program has invested $3,957,915 in tax credits in Live Oaks Square. This equates to an average federal funding of $10,280 per unit in LIHTC funded projects. Affordable housing development in the neighborhood spans 15 years, with projects completed from 2005 to 2020. The earliest project, Grande Oaks, was completed in 2005, while the most recent, Heights At Gracepoint, was finished in 2020.
The 2010s saw the most activity in affordable housing construction, with two projects completed during this decade: Graham At Gracepoint in 2018 and Heights At Gracepoint in 2020. This recent focus on affordable housing development suggests an increasing need in the community. The LIHTC funded projects in Live Oaks Square offer a diverse range of unit types, including 52 one-bedroom units, 117 two-bedroom units, 152 three-bedroom units, and 64 four-bedroom units. This distribution indicates a focus on accommodating families of various sizes, with an emphasis on larger family units.
Over the last decade, Live Oaks Square has experienced demographic shifts. The population has remained relatively stable, fluctuating between 3,300 and 4,000 residents. Median income has shown an overall upward trend, rising from $25,054 in 2013 to $35,390 in 2022, despite some fluctuations. This increase in median income might indicate a growing need for affordable housing to maintain economic diversity in the neighborhood.
Racially, the neighborhood has maintained a predominantly Black population, consistently around 80% throughout the decade. However, there has been a slight increase in diversity, with small growth in the Hispanic, White, and multiracial populations. The most recent LIHTC projects, completed in 2018 and 2020, coincide with this period of increasing racial diversity and rising median income.
Live Oaks Square demonstrates a strong commitment to affordable housing through its LIHTC funded projects. These developments account for a significant portion of the neighborhood's estimated housing stock, potentially meeting or exceeding the target percentage for affordable housing. The neighborhood has seen consistent investment in affordable housing over a 15-year period, with the most recent projects completed in the late 2010s and early 2020s. The diverse unit mix suggests an effort to accommodate various household sizes and needs. While the neighborhood has experienced some economic growth and slight increases in racial diversity, the continued development of affordable housing indicates an ongoing commitment to maintaining economic inclusivity in the community.