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Affordable Housing in Naples' Redevelopment Area: LIHTC's Decade-Long Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Redevelopment Area neighborhood in Naples, Florida, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 142 total units, with 79 designated as low-income units. Based on the 2022 population of 3,931 and utilizing the national average household size, an estimated 1,506 housing units exist in the neighborhood. LIHTC funded affordable housing represents approximately 9.4% of the estimated housing inventory, contributing substantially to the area's affordable housing stock.
The LIHTC program has invested $212,208 in tax credits for affordable housing projects in this neighborhood. This investment equates to an average federal funding of $1,494 per unit across all LIHTC-funded projects. The neighborhood has maintained LIHTC-funded affordable housing for over a decade, with the initial project, Jasmine Cay, completed in 1995, and the most recent project, George Washington Carver, finished in 2006. The 1990s witnessed the most significant affordable housing development in this area.
The LIHTC-funded projects in the Redevelopment Area offer a range of unit types. The inventory includes 12 one-bedroom units, 100 two-bedroom units, and 30 three-bedroom units. This distribution indicates accommodation for various household sizes, with an emphasis on small to medium-sized families.
Over the past decade, the neighborhood's population has fluctuated, reaching a peak of 4,762 in 2019 before declining to 3,931 in 2022. Median income has demonstrated an upward trend, increasing from $34,838 in 2013 to $51,698 in 2022. This rise in median income may indicate a potential decrease in the need for additional affordable housing units in recent years.
Racial demographics have remained relatively stable, with the white population consistently representing the majority, albeit with some fluctuation. The Black population has experienced a slight increase, rising from 17% in 2013 to 21% in 2022. The Hispanic population has remained relatively constant, ranging between 11% and 18% over the same period.
The Redevelopment Area neighborhood in Naples, Florida, has a significant LIHTC-funded affordable housing presence, comprising nearly 10% of the estimated housing inventory. The LIHTC program has invested over $200,000 in the area, supporting the development of 142 units across two projects completed between 1995 and 2006. The housing mix accommodates various household sizes, with a focus on two-bedroom units. While no new LIHTC projects have been developed in the last decade, the neighborhood has experienced population fluctuations and a notable increase in median income, which may influence future affordable housing needs in the area.
