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Affordable Housing in Perry, Florida: Three Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Perry, Florida, implements the Low-Income Housing Tax Credit (LIHTC) program to support affordable housing. The city's LIHTC-funded housing inventory comprises 129 total units, with 101 designated as low-income units. Based on the 2022 population of 12,760 and an estimated housing inventory of 4,889 units, LIHTC-funded affordable housing represents approximately 2.6% of the city's estimated housing stock.
Perry has received $691,960 in project tax credits for affordable housing through the LIHTC program. With approximately 4 projects, this amounts to an average of $172,990 in federal funding per project. The average federal funding per unit is about $5,364. Perry accounts for 0.1% of Florida's total LIHTC funding allocation.
The city's affordable housing development spans several decades. The earliest recorded LIHTC project, Stonegate Manor, was completed in 1990, while the most recent, Southern Villas of Perry, was finished in 2019. This 29-year span indicates a long-term commitment to affordable housing in Perry. The 2010s saw the most activity in affordable housing development, with two projects completed during this decade.
The LIHTC-funded housing in Perry offers various unit types. While the number of efficiencies is not available, the inventory includes 24 one-bedroom units, 32 two-bedroom units, 4 three-bedroom units, and 4 four-bedroom units. This distribution suggests accommodation for various household sizes, from individuals to families.
Over the past decade, Perry has experienced a gradual population decline, from 14,499 in 2010 to 12,760 in 2022. Despite this decrease, the median income has shown an overall upward trend, rising from $40,647 in 2013 to $49,203 in 2022. This increase in median income may partially explain the limited new LIHTC developments in recent years.
The racial composition of Perry has remained relatively stable. The white population consistently represents about 72% of residents. The Black population has fluctuated slightly, ranging from 21% to 25% over the past decade. The Hispanic population has shown small variations, generally remaining between 1% and 5% of the total population.
Perry's LIHTC-funded affordable housing inventory, while modest in size, represents a long-term commitment to providing low-income housing options. The city's 129 LIHTC units, with 101 designated as low-income, contribute to addressing affordable housing needs. Despite a declining population, rising median incomes suggest changing economic conditions that may influence future affordable housing demands. The consistent racial composition indicates a stable community demographic. As Perry continues to evolve, monitoring these trends will be crucial in assessing and meeting future affordable housing needs.
