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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Golden Glades - The Woods, a neighborhood in Jacksonville, Florida, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The neighborhood's LIHTC inventory comprises 488 total units, with 292 designated as low-income units. Based on the 2022 population of 19,113 and an estimated 7,323 housing units, LIHTC funded affordable housing represents approximately 6.7% of the neighborhood's estimated housing inventory.
The neighborhood has utilized LIHTC funded affordable housing for nearly three decades. The first project, Timberwood Trace, was completed in 1994, and the most recent, Banyan Bay, in 1998. The 1990s witnessed the majority of affordable housing development activity in this area.
The LIHTC funded projects in Golden Glades - The Woods offer various unit types. The inventory includes 108 one-bedroom units, 132 two-bedroom units, 232 three-bedroom units, and 16 four-bedroom units. This distribution indicates a focus on accommodating families of different sizes, with an emphasis on larger households given the high number of three-bedroom units.
Timberwood Trace, completed in 1994, provides 224 low-income units, all of which are three-bedroom apartments. This project appears to be designed specifically for families. Banyan Bay, finished in 1998, offers a more diverse mix with 68 low-income units out of its total 264 units, including one-, two-, three-, and four-bedroom options.
Over the past decade, Golden Glades - The Woods has experienced significant demographic changes. The population increased from 17,499 in 2015 to 19,113 in 2022, a growth of about 9.2%. During this same period, the median income rose from $67,139 in 2015 to $79,708 in 2022, an increase of approximately 18.7%.
The racial composition of the neighborhood has also shifted. The white population decreased from 76% in 2015 to 58% in 2022, while the Hispanic population increased from 10% to 18%. The Asian population doubled from 4% to 8%, and the Black population increased slightly from 6% to 9%. This increasing diversity may indicate changing housing needs in the community.
Despite these demographic changes, no new LIHTC projects have been developed in the neighborhood since 1998. The rising median income could be a factor in this, potentially reducing the perceived need for additional low-income housing in the area.
Golden Glades - The Woods has a foundation of LIHTC funded affordable housing established in the 1990s, providing 488 total units with 292 designated as low-income. These projects offer a range of unit sizes, with a focus on family-friendly three-bedroom apartments. While the neighborhood has experienced population growth, income increases, and significant demographic shifts over the past decade, there have been no new LIHTC developments since 1998. The existing LIHTC inventory covers about 6.7% of the estimated housing units in the neighborhood, contributing to the area's affordable housing options.