Florence's population has grown from 42,361 in 2010 to 44,265 in 2022. The median income has increased from $39,073 in 2013 to $42,562 in 2022, indicating gradual economic improvement. This growth suggests an increased need for affordable housing options.

The racial composition of Florence has remained relatively stable. The white population decreased slightly from 76% in 2013 to 72% in 2022, while the Black population remained consistent at 18%. The Hispanic population increased from 2% to 4% during this period. This demographic stability, combined with modest income growth, may have influenced the continued development of LIHTC projects in the city.

Florence's LIHTC-funded affordable housing inventory represents a consistent effort to provide low-income housing options over the past two and a half decades. The city has used federal funding to create a diverse range of unit types, addressing the needs of various household sizes. The gradual population growth, income increases, and stable racial demographics suggest an ongoing need for affordable housing that the LIHTC program has partially addressed. However, the gap between the current LIHTC inventory and the estimated housing needs of the low-income population indicates that additional affordable housing initiatives may be necessary to meet the community's needs fully.