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Affordable Housing in Quincy, Florida: LIHTC Program's Impact on a Declining Population
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Quincy, Florida, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 175 total units, with 13 designated as low-income units. Based on the 2022 population of 11,869 and an estimated 4,548 housing units, LIHTC-funded affordable housing represents approximately 3.85% of the city's estimated housing inventory.
Quincy has received $1,820,000 in LIHTC funding for affordable housing projects. With two projects, this translates to an average of $910,000 in federal funding per project. The average federal funding per unit is about $10,400. Quincy holds 0.27% of Florida's total LIHTC funding allocation.
The city's LIHTC-funded affordable housing development occurred from 2006 to 2008. The two projects, Arbor Crest (completed in 2006) and Gadsden Arms (completed in 2008), comprise the entirety of LIHTC-funded affordable housing in Quincy. The housing unit breakdown shows 85 two-bedroom, 77 three-bedroom, and 13 one-bedroom units, suggesting a focus on accommodating families or larger households.
Quincy's population has shown a declining trend, decreasing from 13,619 in 2013 to 11,869 in 2022. The median income has fluctuated, rising from $30,063 in 2013 to $37,696 in 2022, with variations in between.
The racial composition of Quincy has remained relatively stable, with a predominant Black population (around 65-67%) and a White population of about 17-19%. The Hispanic population has increased slightly from 10% in 2013 to 14% in 2022.
No new LIHTC projects have been built in the last decade. However, the demographic data suggests a potential need for affordable housing. The declining population coupled with fluctuating median income could indicate economic challenges that might benefit from additional affordable housing options.
Quincy's LIHTC-funded affordable housing inventory represents a significant investment in addressing housing needs for lower-income residents. The two projects, completed in the mid-2000s, provide a mix of unit sizes that cater to diverse household compositions. Despite no recent LIHTC developments, the city's changing demographics and economic indicators suggest an ongoing need for affordable housing options. The LIHTC program has played a crucial role in Quincy's affordable housing landscape, contributing to the city's efforts to provide housing solutions for its residents.
