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Affordable Housing in Lake City, Florida: LIHTC's Impact on a Small City
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 City, Florida, a small city with a population of 28,366 as of 2022, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The LIHTC program has funded 501 total units in Lake City, with 338 designated as low-income units. Based on the estimated housing inventory of 10,868 units, LIHTC-funded affordable housing comprises approximately 4.6% of the city's housing stock.
The city has received $424,968 in project tax credits for affordable housing through the LIHTC program. With approximately 6 projects, this translates to an average of $70,828 in federal funding per project. When considering the total units, the average federal funding per unit is about $848. Lake City holds 0.06% of Florida's total LIHTC funding, indicating a relatively small but notable share of the state's affordable housing resources.
Affordable housing has been part of Lake City's landscape for over two decades. The earliest LIHTC project, Lake City Villas, was completed in 1997, while the most recent, Cedar Park, was finished in 2018. The early 2000s saw the most activity in affordable housing development, with projects like Thornwood Terrace, Windsong I, and Windsong II being completed between 2001 and 2002.
The LIHTC-funded housing in Lake City offers a mix of unit types, with 98 one-bedroom, 192 two-bedroom, and 152 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, from individuals to families.
Analyzing demographic trends over the last decade, Lake City's population has remained relatively stable, fluctuating between 27,000 to 29,000 residents. The median income has shown a gradual increase, rising from $41,148 in 2013 to $48,020 in 2022. This modest income growth may indicate an ongoing need for affordable housing options.
Racial demographics in Lake City have remained fairly consistent over the past decade. The white population has been the majority, comprising around 68-72% of residents. The Black population has ranged from 18-22%, while the Hispanic population has remained steady at about 5%. The Asian population has slightly increased from 1% to 2% over this period.
In summary, Lake City's LIHTC-funded affordable housing plays a role in addressing the city's housing needs, though it represents a small portion of the overall housing stock. The city has seen consistent development of affordable housing projects over the past two decades, with a mix of unit types to accommodate different household sizes. While demographic trends show relative stability, the gradual increase in median income suggests an ongoing need for affordable housing options to support lower-income residents.
