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Affordable Housing in Lake Bonnet: LIHTC Investment and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lake Bonnet, a neighborhood in Lakeland, Florida, features a notable presence of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood contains 75 LIHTC-funded affordable housing units, all of which are designated as low-income units. Based on the 2022 population of 1,985 and an estimated 760 housing units, the LIHTC-funded affordable housing comprises approximately 9.9% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $1,262,469 in tax credits for affordable housing projects in Lake Bonnet. This equates to an average federal funding of $16,833 per unit. The neighborhood's LIHTC-funded affordable housing inventory consists of one project, the Villas At Lake Bonnet, completed in 2011. This project has provided affordable housing options for over a decade.
The Villas At Lake Bonnet offers a variety of unit types, including 6 two-bedroom units and 15 three-bedroom units. This distribution indicates a focus on accommodating families and larger households within the affordable housing inventory.
Over the past decade, Lake Bonnet has experienced fluctuations in its population, with the 2022 population at 1,985, down from 2,515 in 2015. The median income has remained relatively stable, approximately $32,000 annually.
The racial demographics of Lake Bonnet have undergone significant changes. The Black population decreased from 48% in 2019 to 22% in 2022, while the Hispanic population increased from 15% to 31% during the same period. The White population has fluctuated between 34% and 52% over the past decade.
These demographic changes may influence the ongoing need for affordable housing in the neighborhood. The relatively steady median income suggests a continued demand for affordable options, while the changing racial composition might impact the specific needs of the community.
Lake Bonnet's affordable housing landscape is characterized by a single LIHTC-funded project, the Villas At Lake Bonnet, which provides 75 low-income units. This project represents a significant investment in affordable housing, covering nearly 10% of the estimated housing inventory. The neighborhood has experienced demographic shifts in recent years, particularly in its racial composition, which may influence future affordable housing needs. The LIHTC program has made a substantial contribution to affordable housing in Lake Bonnet. Ongoing monitoring of demographic trends and housing needs will be crucial for ensuring adequate affordable housing options in the future.
