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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
North Park, a neighborhood in New Port Richey, Florida, contains a significant amount of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 108 total units, with 91 designated as low-income units. Based on the 2022 population of 1,833 and the national average household size of 2.61, the estimated number of housing units in the neighborhood is 702. LIHTC funded affordable housing accounts for approximately 15.4% of the estimated housing inventory, which aligns with the target percentage for a well-balanced community.
North Park has two LIHTC funded projects: Magnolia Place and Richey Woods. Magnolia Place, completed in 2013, offers 8 low-income units. Richey Woods, finished in 2014, provides 100 units, with 83 designated as low-income. This indicates that affordable housing has been present in the neighborhood for at least a decade.
The 2010s saw the most significant development of affordable housing in North Park. The inventory includes a diverse mix of unit sizes, with 32 one-bedroom, 18 two-bedroom, 18 three-bedroom, and 32 four-bedroom units. This variety accommodates different family sizes and needs within the low-income population.
Over the past decade, North Park's population has remained relatively stable, fluctuating between approximately 1,400 and 1,800 residents. The median income has shown some variability but generally remained in the $27,000 to $32,000 range. This consistent low-to-moderate income level indicates an ongoing need for affordable housing options in the neighborhood.
Racial demographics in North Park have experienced changes. While the white population has remained the majority, there has been a decrease from 84% in 2019 to 72% in 2022. Concurrently, there has been an increase in the Black population from 7% to 8%, and the Hispanic population from 8% to 16%. This growing diversity may indicate changing housing needs in the community.
North Park's LIHTC funded affordable housing inventory plays a significant role in meeting the community's needs. With 15.4% of the estimated housing stock being affordable units, the neighborhood is positioned to support its low-income residents. The development of these projects in the early 2010s demonstrates a proactive approach to addressing affordable housing needs. The diverse unit sizes available accommodate various household compositions. As the neighborhood's demographics continue to evolve, particularly with increasing diversity, ongoing assessment of affordable housing needs will be important to ensure the community remains adequately served.