Loading Content...
Affordable Housing in Sarasota: LIHTC Funding Shapes City's Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Sarasota, a Florida city, has a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC program has produced 433 total units, with 284 designated as low-income units. Based on an estimated housing inventory of 22,201 units, LIHTC-funded affordable housing represents approximately 1.95% of the city's housing stock.
Sarasota has received $5,579,083 in project tax credits through the LIHTC program. With approximately 6 projects, this equates to an average of $929,847 in federal funding per project. The average federal funding per unit is $12,885. Sarasota holds 0.82% of Florida's total LIHTC funding, indicating a modest share of the state's affordable housing resources.
The city's LIHTC-funded affordable housing development spans nearly two decades, from 2000 to 2019. The 2010s saw the most activity, with four projects completed during this decade: Janie's Garden II (2011), Janie's Garden III (2016), Amaryllis Park Place (2018), and Arbor Village (2019). The LIHTC-funded housing in Sarasota provides a mix of unit types, with 175 one-bedroom, 142 two-bedroom, 29 three-bedroom, and 16 four-bedroom units.
Sarasota's population has grown modestly over the past decade, increasing from 55,129 in 2013 to 57,944 in 2022. During this period, the median income rose from $49,162 in 2013 to $60,111 in 2022, indicating improving economic conditions for some residents.
The racial composition of Sarasota has remained relatively stable. The white population decreased slightly from 69% in 2013 to 66% in 2022. The Black and Hispanic populations have maintained consistent percentages, around 13-14% and 16-17% respectively. There has been a small increase in the Asian population and those identifying as two or more races.
The continued development of LIHTC projects throughout this period suggests an ongoing need for affordable housing despite the overall increase in median income. This could indicate a widening income gap or a persistent demand for affordable options among certain demographic groups.
Sarasota's LIHTC-funded affordable housing program has made a modest but important contribution to the city's housing landscape. With 433 total units and 284 low-income units, it addresses a portion of the affordable housing needs in the community. The program has shown consistent activity over the past two decades, with a particular focus in the 2010s. While the LIHTC units represent a small percentage of the overall housing stock, they provide crucial housing options for lower-income residents in a city that has experienced both population growth and rising median incomes. The diverse mix of unit types suggests an effort to accommodate various household sizes and needs within the affordable housing sector.
