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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Sebring, a Florida city known for the Sebring International Raceway, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprising 312 total units, with 213 designated as low-income units. This represents approximately 2.44% of the city's estimated 12,787 housing units. The city has about 5 LIHTC-funded projects, with the first project, Briarwood of Sebring, completed in 1993 and the most recent known project, the Groves at Victoria Park, finished in 2005.
The early 2000s saw significant affordable housing development activity in Sebring. Park Crest Terrace I and II were completed in 2000 and 2001 respectively, followed by the Groves at Victoria Park in 2005. This indicates a concentrated effort to increase affordable housing options during this period. The LIHTC projects in Sebring include a variety of unit types: 62 one-bedroom units, 36 two-bedroom units, 70 three-bedroom units, and 17 four-bedroom units, suggesting a focus on accommodating families of various sizes.
Sebring's population has grown steadily over the past decade, increasing from 30,252 in 2015 to 33,374 in 2022. The median income has also risen, from $34,750 in 2015 to $40,738 in 2022, indicating an overall improvement in economic conditions. The racial composition of Sebring has remained relatively stable, with a slight decrease in the white population from 76% in 2015 to 68% in 2022, and a modest increase in the Hispanic population from 12% to 19% during the same period. The black population has remained relatively constant at around 9-10%.
Despite these demographic changes and population growth, no new LIHTC projects have been recorded in Sebring since 2005. This could suggest that other affordable housing initiatives may be addressing the city's needs, or that the existing LIHTC projects are sufficient to meet current demand.
Sebring's LIHTC-funded affordable housing inventory, while modest in comparison to the total estimated housing stock, provides a significant number of low-income units. The city experienced a concentration of affordable housing development in the early 2000s, with a mix of unit sizes catering to diverse household needs. While the population and median income have grown over the past decade, and there have been slight shifts in racial demographics, no new LIHTC projects have been recorded since 2005. This analysis provides insight into Sebring's affordable housing landscape and its relationship to the city's changing demographics.