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Affordable Housing in Egypt Lake-Leto: LIHTC Program's Impact on a Florida CDP
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Egypt Lake-Leto, a census-designated place in Florida, had a population of 39,709 as of 2022. The city possesses a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, comprising 796 total units, of which 407 are designated as low-income units. Based on an estimated housing inventory of 15,214 units, LIHTC-funded affordable housing represents approximately 5.2% of the city's housing stock.
The city has received $3,992,677 in project tax credits through the LIHTC program. With six projects, this equates to an average of $665,446 in federal funding per project. The average federal funding per unit is $5,016. Egypt Lake-Leto holds 0.59% of Florida's total LIHTC funding, indicating a moderate concentration of affordable housing resources in this area.
The first LIHTC project in Egypt Lake-Leto was constructed in 1995 (Waterford At Cypress Lake), and the most recent was completed in 2018 (Sweetwater Villas). This demonstrates a 23-year span of affordable housing development in the city. The 2000s saw the most activity in affordable housing construction, with two projects completed in 2009 (Autumn Place and Hunt Club).
The LIHTC-funded housing in Egypt Lake-Leto offers a range of unit types. The inventory includes 103 one-bedroom units, 531 two-bedroom units, 115 three-bedroom units, and 17 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes.
Over the past decade, Egypt Lake-Leto has experienced demographic shifts. The population has remained relatively stable, with a slight decrease from 40,914 in 2016 to 39,709 in 2022. The median income has shown an upward trend, rising from $40,110 in 2016 to $45,746 in 2022.
The racial composition of the city has changed notably. The Hispanic population has increased from 60% in 2016 to 69% in 2022, while the white population has decreased from 26% to 19% during the same period. The Black and Asian populations have remained relatively stable.
Despite these demographic changes, there has been limited LIHTC activity in recent years, with only one project (Sweetwater Villas) completed since 2015. This could suggest that the existing affordable housing stock is meeting current needs or that other factors are influencing affordable housing development in the area.
Egypt Lake-Leto has a moderate LIHTC-funded affordable housing inventory, covering about 5.2% of its estimated housing stock. The city has seen steady development of affordable housing over two decades, with a focus on family-sized units. While demographic shifts have occurred, including rising median income and an increasing Hispanic population, LIHTC development has slowed in recent years. This analysis provides insight into the affordable housing landscape of Egypt Lake-Leto.
