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Affordable Housing in Sailboat Bend: LIHTC-Funded Artists Lofts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Sailboat Bend, a neighborhood in Fort Lauderdale, Florida, features a unique Low-Income Housing Tax Credit (LIHTC) funded affordable housing project that contributes to the area's housing diversity. The neighborhood contains 37 affordable units, all designated as low-income units. Based on the 2022 population of 3,252 and the estimated 1,246 housing units, the LIHTC funded affordable housing comprises approximately 2.97% of the neighborhood's estimated housing inventory.
The LIHTC program has provided $453,060 in tax credits for affordable housing in Sailboat Bend. This equates to an average federal funding of $12,245 per unit. The sole LIHTC project in the neighborhood is the Sailboat Bend Artists Lofts, completed in 2007. This project has been providing affordable housing in the area for over 15 years.
The Sailboat Bend Artists Lofts offers a mix of unit types to accommodate various household sizes. The project includes 16 one-bedroom units, 18 two-bedroom units, and 3 three-bedroom units. This distribution indicates a focus on housing for small to medium-sized households.
Over the past decade, Sailboat Bend has experienced demographic shifts. The population has fluctuated, with a notable increase from 2,554 in 2019 to 3,252 in 2022. Median income has also shown variability, rising from $84,374 in 2019 to $74,148 in 2022.
Regarding racial distribution, the neighborhood has maintained a majority white population, with a slight decrease from 69% in 2020 to 66% in 2022. The Hispanic population has seen a moderate increase from 13% to 18% during the same period. The Black population has remained relatively stable at around 13-14%.
While no new LIHTC projects have been built in the last decade, the demographic trends suggest a potential need for additional affordable housing. The population growth and fluctuating median income could indicate increasing housing demand across various income levels.
Sailboat Bend's LIHTC funded affordable housing, represented by the Sailboat Bend Artists Lofts, provides 37 low-income units, covering about 2.97% of the estimated housing inventory. The project, completed in 2007, offers a mix of unit sizes and has been a longstanding contributor to the neighborhood's affordable housing stock. The neighborhood's changing population and income dynamics may warrant further assessment of affordable housing requirements in the future.
