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Affordable Housing in Rockledge: LIHTC's Single-Project Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Rockledge, a city in Florida, has a population of 30,494 as of 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consists of 82 total units, with 11 designated as low-income units. Based on the estimated housing inventory of 11,684 units, the LIHTC-funded affordable housing covers approximately 0.7% of the city's housing stock.
Rockledge has received $155,900 in project tax credits from the LIHTC program for affordable housing. With one approximate project, this translates to an average federal funding of $155,900 per project and $1,901 per unit. The city holds 0.02% of the total state funding for LIHTC projects.
The only LIHTC project in Rockledge is Hammock Harbor, completed in 2011. This project marks the beginning of LIHTC-funded affordable housing in the city, indicating a relatively recent introduction of such housing options. The breakdown of units in the LIHTC-funded project is as follows: 4 one-bedroom units, 11 two-bedroom units, 59 three-bedroom units, and 8 four-bedroom units. This distribution suggests a focus on accommodating families, with a majority of units having two or more bedrooms.
Over the last decade, Rockledge's population has grown from 27,279 in 2010 to 30,494 in 2022, indicating a steady increase. The median income has also risen, from $63,114 in 2013 to $72,576 in 2022, suggesting an overall improvement in economic conditions.
Racial demographics have remained relatively stable, with the white population consistently representing the majority (around 71-75% over the past decade). There has been a slight increase in the Hispanic population, from 7% in 2013 to 11% in 2022, while the Black population has remained steady at around 12-13%.
The single LIHTC project in 2011 coincides with a period of population growth and increasing median income. However, the lack of additional LIHTC projects in recent years, despite continued population growth, may indicate that other housing solutions or programs are addressing affordable housing needs in the city.
Rockledge's LIHTC-funded affordable housing inventory, while modest in size, provides 82 units of housing with 11 designated as low-income units. The city has received $155,900 in tax credits for this project, representing a small portion of Florida's total LIHTC funding. The housing mix focuses on larger units, potentially catering to families. While demographic trends show population growth and increasing median income, the LIHTC program's contribution to affordable housing in Rockledge has been limited to a single project in 2011.
