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Affordable Housing in Historic Kenwood: LIHTC Impact on Neighborhood Demographics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Historic Kenwood, a neighborhood in St. Petersburg, Florida, has 139 units in Low-Income Housing Tax Credit (LIHTC) funded projects. These units represent approximately 8.9% of the neighborhood's estimated 1,567 housing units, based on the 2022 population of 4,090.
The LIHTC program has invested $2,765,000 in tax credits in Historic Kenwood, averaging about $19,892 per unit. Two notable LIHTC projects, Burlington Place and Burlington Post, were completed in 2018. The 139 LIHTC-funded units primarily consist of one-bedroom (68 units) and two-bedroom (71 units) apartments, indicating a focus on housing for smaller households.
Over the past decade, Historic Kenwood's population has shown an overall increase from 3,860 in 2013 to 4,090 in 2022. The median income has also risen from $51,729 in 2013 to $62,463 in 2022, despite some year-to-year fluctuations.
The racial composition of Historic Kenwood has changed significantly. The white population increased from 67% in 2013 to 73% in 2022, while the Black population decreased from 23% to 14% during the same period. The Hispanic population initially increased to 27% in 2017 but subsequently decreased to 8% in 2022. These demographic shifts coincide with the completion of the LIHTC projects in 2018.
Historic Kenwood's LIHTC-funded affordable housing inventory covers less than 10% of the estimated housing stock. The completion of two major projects in 2018 demonstrates a recent commitment to affordable housing in the area. The neighborhood has experienced demographic changes, including increases in median income and shifts in racial composition, concurrent with these housing developments. The LIHTC investments have resulted primarily in one and two-bedroom units, aligning with the needs of smaller households in the community.
