Loading Content...
Affordable Housing in Lake Beulah: LIHTC Impact on a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lake Beulah, a neighborhood in Lakeland, Florida, has a small Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The neighborhood contains one LIHTC project, Twin Lakes Estates I, completed in 2019. This project provides 10 units, with 1 unit designated as low-income. The LIHTC-funded affordable housing comprises approximately 8.7% of the neighborhood's estimated 115 housing units.
The LIHTC program has invested $606,930 in tax credits for affordable housing in Lake Beulah. This equates to an average federal funding of $60,693 per unit in the LIHTC-funded project. Twin Lakes Estates I, completed in 2019, marks the introduction of LIHTC-funded affordable housing in this neighborhood. The project consists of 5 one-bedroom and 5 two-bedroom units, offering a range of housing options for residents.
Lake Beulah has experienced demographic changes over the past decade. The population has fluctuated, reaching 384 residents in 2018 and declining to 301 by 2022. Median income has shown an overall increase, rising from $25,948 in 2013 to $35,239 in 2022, despite some fluctuations.
The racial composition of the neighborhood has become more diverse. The percentage of Black residents increased from 29% in 2013 to 35% in 2022, while the Hispanic population grew from 14% to 24% during the same period. The White population decreased from 49% to 40%, and the Asian population remained relatively stable, fluctuating between 1% and 7% over the years.
The introduction of the LIHTC project in 2019 coincides with a period of population decline and income fluctuation in the neighborhood. This timing suggests that the affordable housing project may have been implemented in response to changing demographic needs and economic conditions in Lake Beulah.
Lake Beulah's LIHTC-funded affordable housing inventory, while small, represents a recent addition to the neighborhood's housing stock. The single project, Twin Lakes Estates I, provides 10 units, with one designated as low-income. This accounts for approximately 8.7% of the estimated housing inventory. The neighborhood has experienced demographic changes over the past decade, including population fluctuations, income increases, and growing diversity. The introduction of LIHTC-funded housing in 2019 aligns with these demographic shifts, potentially addressing evolving housing needs in the community.
