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Affordable Housing in Pleasant City: LIHTC 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
Pleasant City, a neighborhood in West Palm Beach, Florida, contains a significant amount of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 128 total units, all designated as low-income units. This affordable housing stock is crucial in addressing the community's housing needs.
Based on the estimated housing inventory of 543 units for the neighborhood's 2022 population, LIHTC-funded affordable housing represents approximately 23.6% of the total housing stock. This percentage exceeds the 15-20% target range for affordable housing in a well-balanced community, indicating a substantial commitment to providing affordable options in Pleasant City.
The LIHTC program has invested $1,309,044 in tax credits for affordable housing in Pleasant City. This equates to an average federal funding of about $10,227 per unit, demonstrating a significant financial commitment to affordable housing in the neighborhood.
Merry Place, completed in 2008, is the only LIHTC-funded project in Pleasant City. This project has been providing affordable housing options to the community for over a decade, showing a long-term investment in addressing housing needs. Merry Place offers a diverse range of unit types to accommodate various household sizes, including 32 one-bedroom units, 64 two-bedroom units, and 32 three-bedroom units. This distribution allows for housing options for individuals, small families, and larger households, contributing to a more inclusive community.
Pleasant City has experienced significant demographic changes over the past decade. The population has grown from 664 in 2014 to 1,418 in 2022, more than doubling in size. This population growth may have increased the demand for affordable housing options. Median income in the neighborhood has also increased, rising from $17,647 in 2014 to $33,841 in 2022. Despite this increase, the median income remains relatively low, underscoring the continued need for affordable housing options.
The racial composition of Pleasant City has remained predominantly Black, with the percentage of Black residents ranging from 65% to 87% over the past decade. The Hispanic population has fluctuated between 8% and 24%, while the White population has varied from 0% to 11%. This demographic profile suggests that the LIHTC-funded housing likely serves a diverse low-income population.
Pleasant City's LIHTC-funded affordable housing inventory, centered around the Merry Place project, provides a significant number of low-income units relative to the neighborhood's estimated housing stock. The project offers a mix of unit sizes to accommodate different household needs. While the neighborhood has experienced population growth and increases in median income over the past decade, the continued presence of LIHTC housing suggests an ongoing need for affordable options in this community. The demographic trends, particularly the consistent racial composition, indicate that the LIHTC project likely serves a diverse, predominantly Black and Hispanic low-income population in Pleasant City.
