Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lyons Park, a neighborhood in Pompano Beach, Florida, contains 116 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, constitute approximately 7.8% of the neighborhood's estimated 1,482 housing units, based on the 2022 population of 3,868. This percentage indicates a significant contribution to the area's affordable housing stock, although it falls below the 15-20% target typically considered ideal for a balanced community.
The LIHTC program has invested $2,561,000 in tax credits in Lyons Park, averaging about $22,078 per unit in federal funding. This investment is represented by a single project, Heritage At Pompano Station, completed in 2019. The development offers an equal distribution of 58 one-bedroom and 58 two-bedroom units, catering to various household sizes.
Lyons Park has experienced demographic changes over the past decade. The population increased from 3,106 in 2010 to 3,868 in 2022, while median income rose from $38,553 in 2013 to $51,591 in 2022. Racial demographics also shifted, with the white population increasing from 56% to 58%, the Black population decreasing from 16% to 13%, and the Hispanic population slightly decreasing from 25% to 23% between 2013 and 2022.
The introduction of LIHTC housing in 2019 coincides with a period of population growth and rising median income, potentially addressing an increased need for affordable options in a growing community. These demographic changes may have influenced the decision to develop LIHTC-funded housing during this time.
Lyons Park's LIHTC-funded affordable housing, while relatively new, makes a substantial contribution to the neighborhood's housing landscape. The Heritage At Pompano Station project, providing 116 affordable units, represents 7.8% of the estimated housing inventory. This recent development aligns with the area's population growth and changing demographics over the past decade. Although the current LIHTC inventory does not meet the ideal target for affordable housing stock, it represents a significant step towards addressing the community's affordable housing needs.