Affordable Housing in Citrus Park: LIHTC Funded Inventory Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
Citrus Park, Florida, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 566 total units, with 548 designated as low-income units. Based on the 2022 population of 27,004 and an estimated 10,346 housing units, LIHTC funded affordable housing represents approximately 5.5% of the city's estimated housing inventory.
Citrus Park has received $1,592,809 in project tax credits for affordable housing through the LIHTC program. With approximately 5 projects, this translates to an average of $318,562 in federal funding per project. When considering the total units, the average federal funding per unit is $2,814. Citrus Park holds 0.24% of Florida's total LIHTC funding, indicating a modest but significant contribution to the state's affordable housing efforts.
The city's LIHTC-funded affordable housing spans from 1998 to 2004, showcasing over six years of affordable housing development. The first project, Cedar Forest, was completed in 1998, while the most recent, Gardens at Rose Harbor, was finished in 2004. The early 2000s saw the most activity, with three projects completed between 2001 and 2003, including Villas at Newport Landing and Hunters Run I and II.
The LIHTC-funded units in Citrus Park are diverse, comprising 104 one-bedroom, 240 two-bedroom, 92 three-bedroom, and 75 four-bedroom units. This variety caters to different household sizes and needs within the community.
Over the past decade, Citrus Park has experienced population growth, increasing from 24,914 in 2013 to 27,004 in 2022. The median income has fluctuated, rising from $60,446 in 2013 to a peak of $76,148 in 2021, before decreasing to $63,831 in 2022. Racial demographics have shifted slightly, with the Hispanic population increasing from 34% in 2013 to 42% in 2022, while the white population decreased from 53% to 41% during the same period. The Asian population has seen a modest increase from 3% to 5%, and the Black population has remained relatively stable around 7-8%.
No new LIHTC projects have been recorded in the last decade. This could be due to various factors, including changes in local housing needs, funding priorities, or other affordable housing initiatives not captured in this data.
Citrus Park's LIHTC-funded affordable housing inventory, while modest, provides a foundation for addressing low-income housing needs. The city's demographic trends, including population growth and changes in income levels, suggest an evolving landscape that may require ongoing assessment of affordable housing needs. The diversity in unit types within LIHTC projects demonstrates an effort to accommodate various household sizes. As the city continues to grow and change, maintaining a focus on affordable housing options will be crucial for ensuring a balanced and inclusive community.
