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Affordable Housing in Florence, Arizona: LIHTC Impact on a Growing City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Florence, Arizona, a town with a population of 36,713 as of 2022, has 14,066 estimated housing units. The Low-Income Housing Tax Credit (LIHTC) program has contributed to affordable housing in Florence, providing 160 units in LIHTC-funded projects, with 127 designated as low-income units. This affordable housing inventory comprises approximately 1.14% of the estimated housing units in the city.
Florence has received $623,429 in project tax credits for affordable housing through the LIHTC program. With approximately 4 projects, this amounts to an average of $155,857 in federal funding per project, or $3,896 per unit. Florence's LIHTC funding represents 0.3% of the total state credits allocated to Arizona.
The LIHTC program in Florence spans 28 years, with the first project, Western Sunrise Villas Phases I & II, completed in 1988, and the most recent project, Florence Sunrise Apartments, finished in 2016. The 1990s saw the most activity, with two projects (Florence Park and Saguaro Gardens) completed in 1999. The LIHTC-funded housing inventory in Florence consists primarily of two-bedroom (68 units) and three-bedroom (50 units) apartments, with one one-bedroom unit, suggesting a focus on accommodating families and larger households.
Florence has experienced fluctuations in population growth over the past decade, with a notable increase between 2018 and 2019. The median income has shown a significant upward trend, rising from $32,913 in 2016 to $55,891 in 2022. This substantial income growth may have influenced the demand for affordable housing in recent years.
Regarding racial demographics, Florence has maintained a relatively stable distribution. The white population has increased slightly from 49% in 2013 to 54% in 2022, while the Hispanic population has decreased from 39% to 32% during the same period. The Black population has grown modestly from 5% to 7%. These demographic shifts may have implications for future affordable housing needs and planning.
Florence's LIHTC-funded affordable housing inventory, while modest in size, has been developed over nearly three decades. The city's allocation of state credits and the distribution of unit types suggest a targeted approach to addressing local housing needs. The recent trends in population growth and median income increases highlight the evolving socioeconomic landscape of Florence, which may influence future affordable housing initiatives and requirements.
