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Affordable Housing in Kissimmee: LIHTC's Significant Impact on Urban Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Kissimmee, a city in Florida, has a substantial presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory consists of 2,875 total units, with 1,985 designated as low-income units. Based on the estimated housing inventory of 30,655 units, LIHTC funded affordable housing represents approximately 9.4% of the city's housing stock. This proportion indicates a significant contribution to affordable housing needs in Kissimmee.
Kissimmee has received $5,029,844 in project tax credits for affordable housing through the LIHTC program. With approximately 18 projects, this translates to an average of $279,436 in federal funding per project. When considering the total units, the average federal funding amounts to $1,750 per unit. Kissimmee holds 0.74% of Florida's total LIHTC funding, indicating its importance in the state's affordable housing landscape. The city's LIHTC projects span nearly three decades, with the earliest project completed in 1992 and the most recent in 2019.
The 1990s saw the most affordable housing activity, with several projects completed. The 2010s also witnessed significant development. The LIHTC funded projects in Kissimmee offer a diverse range of unit types, including 449 one-bedroom units, 764 two-bedroom units, 651 three-bedroom units, and 83 four-bedroom units, catering to various family sizes and needs.
Over the past decade, Kissimmee has experienced significant population growth, increasing from 65,186 in 2013 to 80,009 in 2022, a 22.7% growth. This increase may have intensified the need for affordable housing. The median income has shown overall growth, rising from $35,040 in 2013 to $44,445 in 2022, a 26.8% increase. However, this increase may not have kept pace with rising housing costs, potentially maintaining the demand for affordable housing.
The racial composition of Kissimmee has remained relatively stable, with a slight increase in the Hispanic population from 67% in 2014 to 70% in 2022. This demographic stability suggests a consistent need for culturally appropriate affordable housing options.
Kissimmee's LIHTC funded affordable housing inventory plays a crucial role in addressing the city's housing needs. With nearly 10% of the estimated housing stock being LIHTC funded affordable units, the program has made a substantial impact. The city's consistent development of affordable housing projects over three decades, coupled with its population growth and evolving demographics, underscores the ongoing importance of such initiatives in Kissimmee. The diverse range of unit types in LIHTC projects demonstrates an effort to accommodate various household sizes and needs within the community.
