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Affordable Housing in Sebastian, Florida: A Quarter-Century of LIHTC Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Sebastian, Florida, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory that contributes to meeting the housing needs of its residents. The city's LIHTC program has funded 184 affordable housing units, with 84 designated as low-income units. Based on the estimated housing inventory of 10,110 units for the city's 2022 population, LIHTC funded affordable housing comprises approximately 1.82% of the city's total housing stock.
Sebastian has received $1,105,000 in project tax credits through the LIHTC program. With approximately 2 projects funded, this translates to an average of $552,500 in federal funding per project. The average federal funding per unit amounts to $6,005. Sebastian holds 0.16% of Florida's total LIHTC funding allocation.
The LIHTC program has been active in Sebastian since 1997, with the most recent project completed in 2005. This indicates an 8-year span of affordable housing development through this program. The first project built was Grace's Landing in 1997, while the most recent was Pelican Isles in 2005. The 2000s decade saw the most affordable housing project completions.
The LIHTC funded projects in Sebastian offer a range of unit types. The inventory includes 88 one-bedroom units, 92 two-bedroom units, and 4 three-bedroom units. This distribution suggests a focus on accommodating smaller households and families.
Over the past decade, Sebastian has experienced population growth, increasing from 23,932 in 2013 to 26,386 in 2022. The median income has also shown an upward trend, rising from $48,143 in 2013 to $54,462 in 2022. This income growth may have influenced the demand for affordable housing in the city.
Regarding racial demographics, Sebastian has maintained a predominantly white population, consistently above 84% throughout the past decade. The Hispanic population has remained relatively stable at around 6-7%, while the Black population has decreased from 6% in 2013 to 2% in 2022. The Asian population has increased from 0% to 2% during this period.
Sebastian's LIHTC funded affordable housing inventory provides a contribution to the city's overall housing stock. The program has invested over $1 million in creating affordable units, with a focus on one and two-bedroom apartments. Despite no new LIHTC projects in the last decade, the city has experienced population growth and increased median income. These demographic shifts may influence future affordable housing needs and potential LIHTC developments in Sebastian.
