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Affordable Housing in Rosemont: LIHTC Impact on Neighborhood Composition
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Rosemont, a neighborhood in Orlando, Florida, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. As of 2022, Rosemont has a population of 15,011 and an estimated 5,751 housing units. The LIHTC program has funded 573 total units in the area, with 506 designated as low-income units. Approximately 9.96% of the estimated housing inventory in Rosemont consists of LIHTC-funded affordable housing units, contributing to the neighborhood's affordable housing needs.
The LIHTC program has invested $2,197,562 in tax credits for affordable housing projects in Rosemont. This equates to an average federal funding of $3,835 per unit across all LIHTC-funded projects in the neighborhood. The affordable housing landscape in Rosemont has developed over time. The earliest recorded LIHTC project, Nassau Bay I, was completed in 2014, while the most recent, Nassau Bay II, was finished in 2019. This five-year span demonstrates a continued commitment to developing affordable housing in the neighborhood.
The 2010s were the most active decade for LIHTC-funded affordable housing development in Rosemont, with at least two projects completed during this period. The inventory includes a mix of unit types, with 54 one-bedroom units, 8 two-bedroom units, 128 three-bedroom units, and 24 four-bedroom units. This range of unit sizes suggests an effort to accommodate various household compositions within the affordable housing stock.
Over the past decade, Rosemont has experienced demographic shifts. The population has grown from 11,854 in 2010 to 15,011 in 2022, indicating an increased demand for housing. Median income has fluctuated but shown an overall increase from $34,890 in 2013 to $36,651 in 2022, suggesting a slight improvement in economic conditions for residents.
Racial demographics have also changed. The Black population has remained the largest group but decreased from 54% in 2013 to 49% in 2022. The Hispanic population has grown from 19% to 29% during the same period. The White population has decreased from 20% to 14%, while the Asian population has remained relatively stable at around 2%.
The completion of LIHTC projects in 2014 and 2019 aligns with periods of population growth and income fluctuations, potentially addressing the increased need for affordable housing options during these times of demographic change.
Rosemont's LIHTC-funded affordable housing inventory comprises nearly 10% of the estimated housing stock. The $2.19 million investment in tax credits has supported the development of 573 units, with a focus on larger family-sized apartments. The neighborhood has seen continued affordable housing development over the past decade, coinciding with population growth and demographic shifts. These LIHTC projects have likely helped maintain housing affordability in Rosemont during a period of changing economic and social dynamics.
