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Affordable Housing in Lely Resort: LIHTC Program's Impact on a Growing Florida Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lely Resort, a city in Florida, has a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city possesses 261 total units in LIHTC funded projects, with 258 of these designated as low-income units. Based on the estimated housing inventory of 2,890 units, LIHTC funded affordable housing comprises approximately 9% of the city's housing stock.
Lely Resort has two LIHTC funded projects: College Park and Whistler's Cove. College Park, completed in 1991, offers 21 two-bedroom units, all of which are designated as low-income. Whistler's Cove, the larger project, was completed in 2000 and provides 240 units, including 24 one-bedroom and 216 two-bedroom apartments. Of these, 237 units are designated as low-income.
The 1990s marked the most significant period of affordable housing development in Lely Resort. In total, the LIHTC funded projects in the city offer 24 one-bedroom units and 237 two-bedroom units, primarily catering to small families or individuals.
Over the past decade, Lely Resort has experienced substantial population growth, increasing from 4,654 in 2013 to 7,544 in 2022. During this period, the median income has also risen, from $67,859 in 2013 to $80,084 in 2022.
The racial composition of the city has remained relatively stable, with the white population consistently representing the majority. However, there has been a slight increase in diversity, with the Black population growing from 7% in 2019 to 16% in 2022, and the Hispanic population maintaining around 11-12% in recent years.
Despite the population growth and rising median income, no new LIHTC projects have been developed in Lely Resort since 2000. This could be attributed to various factors, including changes in local housing policies, land availability, or shifts in affordable housing needs.
Lely Resort's LIHTC funded affordable housing inventory, while modest in size, has been a consistent part of the community for over 30 years. The two projects, College Park and Whistler's Cove, provide 261 units, primarily consisting of two-bedroom apartments. While the city has experienced significant population growth and rising median incomes over the past decade, there has been no new LIHTC development since 2000. The existing LIHTC funded units cover approximately 9% of the estimated housing stock, contributing to the city's affordable housing options.
