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Affordable Housing in Lakeland, Georgia: LIHTC Program'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
Lakeland, Georgia, a city with a population of 4,547 as of 2022, has a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The LIHTC program has contributed to the creation of 61 affordable housing units in Lakeland, all of which are designated as low-income units. Based on the estimated housing inventory of 1,742 units, the LIHTC-funded affordable housing comprises approximately 3.5% of the city's housing stock.
Lakeland has received $573,951 in project tax credits through the LIHTC program. With three approximate projects, this averages to about $191,317 per project. The average federal funding per unit is approximately $9,409. Lakeland holds 0.17% of Georgia's total LIHTC funding, indicating a relatively small share of the state's affordable housing resources.
The city's LIHTC-funded affordable housing history spans from 1991 to 2013, representing over two decades of affordable housing development. The first project, Chestnut Village Apts I, was completed in 1991, while the most recent, Chestnut Village Apartments, was finished in 2013. The 1990s saw the most activity in affordable housing development in Lakeland.
In terms of unit distribution, the LIHTC projects in Lakeland primarily consist of one-bedroom and two-bedroom units. Specifically, there are 44 one-bedroom units and 14 two-bedroom units, catering to various household sizes within the low-income population.
Over the past decade, Lakeland's population has fluctuated, peaking at 5,567 in 2018 and declining to 4,547 by 2022. The median income has shown an overall upward trend, rising from $25,385 in 2013 to $37,332 in 2022. This increase in median income might partially explain the lack of new LIHTC projects since 2013.
Regarding racial demographics, the city has maintained a majority white population, ranging from 54% to 62% over the past decade. The Black population has slightly decreased from 37% in 2013 to 33% in 2021, with a slight increase to 37% in 2022. The Hispanic population has shown a small but steady increase from 2% to 4% during this period.
Lakeland's LIHTC-funded affordable housing inventory provides 61 low-income units, covering about 3.5% of the estimated housing stock. The city has received nearly $574,000 in tax credits, averaging about $9,409 per unit. The affordable housing development through LIHTC spans from 1991 to 2013, with the most activity occurring in the 1990s. Despite population fluctuations, the city has seen an overall increase in median income over the past decade, which may have influenced the lack of new LIHTC projects since 2013. The racial composition has remained relatively stable, with a slight increase in diversity. These factors collectively illustrate Lakeland's affordable housing landscape and its evolution over time.
