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Affordable Housing in Sanford, Florida: LIHTC Program's Impact on a Growing City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Sanford, Florida, an incorporated municipality with a population of 75,687 as of 2022, has an estimated housing inventory of 29,000 units. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 2,120 total units, with 1,932 designated as low-income units. This affordable housing stock represents approximately 7.3% of the city's estimated total housing units.
Sanford has received $2,847,397 in project tax credits through the LIHTC program. With approximately 11 projects, this translates to an average federal funding of about $258,854 per project and $1,343 per unit. Sanford holds 0.42% of Florida's total LIHTC funding, indicating a significant contribution to the state's affordable housing efforts.
The city's affordable housing development spans nearly three decades, with the first LIHTC project, Overlook At Monroe, completed in 1994, and the most recent, Warley Park, finished in 2020. The early 2000s saw the most activity in affordable housing development, with multiple projects completed during this period, including Hatteras Sound, Logan Heights, Stratford Point, and Charleston Club.
Sanford's LIHTC-funded housing inventory offers a diverse range of unit types. The city provides 359 one-bedroom units, 821 two-bedroom units, 599 three-bedroom units, and 60 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes within the affordable housing framework.
Over the past decade, Sanford has experienced steady population growth, increasing from 66,004 in 2013 to 75,687 in 2022, a 14.7% increase. This population growth has been accompanied by a rise in median income, from $47,742 in 2013 to $60,121 in 2022, representing a 25.9% increase.
The racial demographics of Sanford have shown shifts during this period. The white population decreased from 49% in 2013 to 40% in 2022, while the Hispanic population increased from 19% to 25%. The Black population remained relatively stable, moving from 25% to 26%. The Asian population increased from 3% to 6%.
The continued development of LIHTC projects during this period, including Georgia Arms in 2015 and Seminole Gardens in 2018, aligns with the city's population growth and changing demographics. The increase in median income, coupled with population growth, suggests an ongoing need for affordable housing options to support the city's diverse community.
Sanford's LIHTC-funded affordable housing inventory plays a significant role in addressing the city's housing needs, representing 7.3% of the estimated total housing units. The city has consistently invested in affordable housing over nearly three decades, with a concentration of development in the early 2000s. The diverse range of unit types caters to various household sizes, reflecting the city's commitment to inclusive housing options. As Sanford continues to grow and evolve demographically, the ongoing development of affordable housing through the LIHTC program remains crucial in supporting the city's diverse population and economic landscape.
