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Affordable Housing in Charter Point: LIHTC Projects Shape Jacksonville Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Charter Point, a neighborhood in Jacksonville, Florida, has a population of 4,714 as of 2022. The area features a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing, with 576 total units, of which 574 are designated as low-income units. Based on an estimated housing inventory of 1,806 units, LIHTC funded affordable housing comprises approximately 31.9% of the neighborhood's housing stock. This percentage indicates that LIHTC projects play a substantial role in providing affordable housing options in Charter Point.
LIHTC funded affordable housing has been present in Charter Point since the early 2000s. The first project, Sundance Pointe, was completed in 2002, followed by Gregory Cove in 2003. This indicates that affordable housing has been integrated into the neighborhood's fabric for about two decades.
The two LIHTC projects in Charter Point offer a variety of unit types. Out of the 576 total units, there are 96 one-bedroom units, 26 two-bedroom units, and 220 three-bedroom units. The presence of larger units suggests that these projects may cater to families or larger households. Both Sundance Pointe and Gregory Cove have 288 units each, with Sundance Pointe having all 288 units designated as low-income, while Gregory Cove has 286 low-income units. Neither project has a specific target population listed, indicating they may serve a general low-income population.
Over the past decade, Charter Point has experienced demographic shifts. The population has fluctuated, with an increase from 4,590 in 2020 to 4,714 in 2022. The median income has shown variability, rising from $51,971 in 2020 to $52,204 in 2022, after a peak of $57,186 in 2021.
Racial demographics have also shifted slightly. The Black population percentage increased from 45% in 2020 to 48% in 2022, while the White population decreased from 37% to 34% during the same period. The Hispanic population remained stable at around 12-13%.
These demographic changes, particularly the fluctuations in median income and the slight increase in population, may indicate an ongoing need for affordable housing in the neighborhood. The stability of the LIHTC projects over this period suggests they continue to serve an important role in meeting this need.
Charter Point's affordable housing landscape is significantly influenced by LIHTC funded projects, with these units accounting for nearly a third of the estimated housing inventory. The two large projects, Sundance Pointe and Gregory Cove, have been providing a mix of unit types for about two decades, potentially serving diverse household sizes. The neighborhood's demographic trends, including population growth and income fluctuations, underscore the continued relevance of these affordable housing options. While the LIHTC projects form a substantial part of Charter Point's housing stock, other affordable housing programs may also contribute to meeting the neighborhood's overall affordable housing needs.
