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Affordable Housing in Lakeside: Analyzing the Impact of a Single LIHTC Project
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lakeside, Florida, is a suburban community with a population of 33,545 as of 2022. The city has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing a total of 69 affordable units. Based on the estimated housing inventory of 12,852 units, the LIHTC funded affordable housing covers approximately 0.54% of the city's housing stock.
Lakeside has received $1,479,357 in project tax credits for affordable housing through the LIHTC program. With one project funded, this translates to an average federal funding of $1,479,357 per project and $21,440 per unit. The city holds 0.22% of the total state LIHTC funding, indicating a relatively small share of Florida's affordable housing resources.
The sole LIHTC project in Lakeside is Cassie Gardens, completed in 2019. This project marks the beginning of LIHTC-funded affordable housing in the city. Cassie Gardens consists of 69 units, with 66 one-bedroom apartments and 3 two-bedroom apartments, catering primarily to individuals or small families.
Over the past decade, Lakeside's population has remained relatively stable, fluctuating between 33,000 and 34,000 residents. The median income has shown some variability, with a notable increase from $65,023 in 2016 to $78,724 in 2021, followed by a decrease to $70,958 in 2022. This fluctuation in median income might indicate changing economic conditions that could influence the need for affordable housing.
Racial demographics have shifted slightly, with the white population decreasing from 74% in 2013 to 65% in 2022. Concurrently, there has been an increase in the Black population from 11% to 17% and the Hispanic population from 9% to 11%. This gradual diversification of the community may have contributed to the decision to develop the Cassie Gardens project in 2019 to meet evolving housing needs.
Lakeside's LIHTC-funded affordable housing inventory is limited to one project, Cassie Gardens, which provides 69 units primarily consisting of one-bedroom apartments. While this project represents a small portion of the city's estimated housing stock, it marks the beginning of LIHTC involvement in the community. The recent completion of this project in 2019 coincides with demographic shifts and income fluctuations, suggesting a response to changing community needs. As Lakeside continues to evolve, monitoring these trends will be crucial for assessing future affordable housing requirements.
