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Affordable Housing in Panama Park: LIHTC Impact on Neighborhood Demographics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Panama Park, a neighborhood in Jacksonville, Florida, has 82 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units constitute the entire LIHTC inventory in the area and are all designated as low-income. Based on the 2022 population of 2,824 and the national average household size of 2.61, the estimated housing inventory in Panama Park is approximately 1,082 units. The LIHTC-funded affordable units represent about 7.58% of this estimated housing stock.
The LIHTC program has invested $398,044 in tax credits for affordable housing projects in Panama Park. This equates to an average of $4,854 in federal funding per unit. The neighborhood's LIHTC-funded affordable housing is represented by a single project, Caroline Oaks, completed in 2015. This project has provided affordable housing options for the community for nearly a decade.
Caroline Oaks consists of 82 units, including 42 one-bedroom and 4 two-bedroom apartments. The absence of efficiencies and larger units suggests a focus on smaller households or individuals.
Over the past decade, Panama Park has experienced fluctuations in its population, with 2,824 residents recorded in 2022. The median income has increased significantly, rising from $16,131 in 2013 to $40,482 in 2022, potentially indicating improved economic conditions for some residents.
The racial composition of the neighborhood has evolved. The Black population percentage increased from 38% in 2013 to a peak of 56% in 2019, before decreasing to 38% in 2022. The White population has fluctuated, reaching 51% in 2022. The Hispanic population has remained relatively stable, ranging between 5% and 9% over the past decade.
The completion of Caroline Oaks in 2015 coincides with a period of demographic shifts in the neighborhood. The project may have been a response to the changing population dynamics and income levels, aiming to provide affordable housing options during a time of transition.
Panama Park's LIHTC-funded affordable housing, represented by Caroline Oaks, contributes significantly to the neighborhood's housing stock. The project provides 82 low-income units, primarily consisting of one-bedroom apartments. While the LIHTC inventory covers about 7.58% of the estimated housing units, it plays a crucial role in addressing affordable housing needs in the community. The neighborhood has experienced demographic changes over the past decade, including fluctuations in population, increases in median income, and shifts in racial composition, which may have influenced and been influenced by the introduction of LIHTC-funded housing.
