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Affordable Housing in Pinellas Park: LIHTC Program's Impact on Urban 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
Pinellas Park, a Florida city, has a population of 58,442 as of 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 316 total units, with 208 designated as low-income units. This represents approximately 1.41% of the city's estimated housing stock of 22,392 units.
Pinellas Park has received $2,868,034 in project tax credits through the LIHTC program. With approximately 4 projects, this translates to an average of $717,009 in federal funding per project, or about $9,076 per unit. The city holds 0.42% of Florida's total LIHTC funding, indicating a relatively small share of the state's affordable housing resources.
The LIHTC funded affordable housing in Pinellas Park spans from 2008 to 2015. The first project, Clear Harbor, was completed in 2008, while the most recent, Parkside Commons, was finished in 2015. The 2010s saw the most affordable housing activity, with three out of four projects completed during this decade. Notable projects include St Giles Manor and Lodges At Pinellas Park, both completed in 2011.
The breakdown of unit types shows a diverse mix of housing options. There are 130 one-bedroom units, 90 two-bedroom units, 76 three-bedroom units, and 20 four-bedroom units. This distribution caters to various household sizes and needs within the low-income population.
Over the past decade, Pinellas Park's population has grown steadily, increasing from 54,972 in 2010 to 58,442 in 2022. The median income has also risen, from $50,304 in 2013 to $55,080 in 2022, indicating a general improvement in economic conditions.
Racial demographics have shifted slightly, with the white population decreasing from 76% in 2013 to 66% in 2022. There have been small increases in Asian, Black, and Hispanic populations. This growing diversity may indicate changing housing needs within the community.
The completion of LIHTC projects in the early 2010s aligns with the period of population growth and increasing diversity, suggesting a response to changing demographic needs. However, the lack of new LIHTC projects since 2015 may indicate that other affordable housing initiatives have taken precedence or that the city's needs have evolved.
Pinellas Park's LIHTC funded affordable housing represents a small but significant portion of the city's housing stock. The program has provided over $2.8 million in tax credits, supporting the development of 316 units across four projects. While LIHTC activity was most prominent in the early 2010s, coinciding with population growth and increasing diversity, there have been no new LIHTC projects since 2015. The city's changing demographics and rising median income suggest that housing needs may be evolving, potentially influencing future affordable housing strategies.
