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Affordable Housing in Old West Tampa: LIHTC's Impact on a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Old West Tampa, a neighborhood in Tampa, Florida, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 268 total units, with 81 designated as low-income units. Based on the 2022 population of 3,777 and an estimated 1,447 housing units, LIHTC funded affordable housing represents approximately 18.5% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $882,334 in tax credits for affordable housing projects in Old West Tampa. This equates to an average federal funding of approximately $3,292 per unit across all LIHTC-funded projects in the neighborhood. The first LIHTC project in Old West Tampa, Westport Commons, was completed in 1990, while the most recent project, Columbus Court, was finished in 2018. This 28-year span indicates a long-term commitment to affordable housing in the neighborhood. The 1990s experienced the most affordable housing development activity in Old West Tampa.
The LIHTC-funded projects in the neighborhood offer a range of unit types. Out of the 268 total units, there are 28 one-bedroom units, 102 two-bedroom units, and 3 three-bedroom units. This distribution indicates a focus on accommodating various household sizes, with an emphasis on small to medium-sized families.
Over the past decade, Old West Tampa has experienced significant demographic changes. The population decreased from 7,061 in 2014 to 3,777 in 2022, a reduction of nearly 47%. Despite this population decline, the median income increased from $25,266 in 2014 to $31,144 in 2022, representing a 23% rise.
The racial composition of the neighborhood has also changed notably. The Black population decreased from 58% in 2014 to 37% in 2022, while the Hispanic population increased from 26% to 48% during the same period. The White population increased slightly from 5% to 14%.
The completion of the Columbus Court project in 2018 coincides with these demographic shifts, potentially addressing changing housing needs in the neighborhood. The increase in median income, despite the population decrease, may indicate a need for mixed-income housing solutions, which LIHTC projects can provide.
Old West Tampa's LIHTC-funded affordable housing inventory plays a significant role in the neighborhood's housing landscape, covering about 18.5% of the estimated housing units. The neighborhood has seen LIHTC investments spanning nearly three decades, with projects adapting to changing demographics. The recent demographic trends, including population decrease, income increase, and shifts in racial composition, highlight the ongoing importance of affordable housing solutions in this evolving neighborhood. The LIHTC program's continued presence in Old West Tampa demonstrates its responsiveness to these changing needs, providing a mix of unit types to accommodate diverse household sizes and compositions.
