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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Southpoint, a neighborhood in Jacksonville, Florida, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 264 total units in LIHTC-funded projects, with 106 designated as low-income units. Based on the 2022 population of 4,306 and using the national average household size, the estimated housing inventory for Southpoint is approximately 1,650 units. The LIHTC-funded affordable housing comprises about 16% of this estimated housing inventory, aligning with the target percentage for a well-balanced community.
The LIHTC program has invested significantly in Southpoint, with project tax credits totaling $334,023. This investment translates to an average federal funding of about $1,265 per unit in LIHTC-funded projects. The neighborhood's sole LIHTC project, Bennett Creek, was completed in 2012, marking the introduction of LIHTC-funded affordable housing in the area.
Bennett Creek offers a range of unit sizes, with 192 two-bedroom and 72 three-bedroom units. This distribution indicates a focus on accommodating families and larger households within the affordable housing inventory. The absence of efficiencies and one-bedroom units suggests a prioritization of family-oriented housing in this development.
Since the completion of Bennett Creek in 2012, Southpoint has experienced demographic changes. The population has grown from 3,431 in 2012 to 4,306 in 2022, a 25% increase. This population growth may indicate an increased demand for housing, including affordable options.
Median income in the neighborhood has also increased, rising from $44,528 in 2013 to $57,297 in 2022. This 29% increase in median income over the decade could suggest changing economic conditions in the area, potentially affecting the need for affordable housing.
Racial demographics in Southpoint have remained relatively stable since 2013, with minor fluctuations. The white population has decreased slightly from 59% to 57%, while the Hispanic population has remained steady around 13-15%. The Black population has seen a slight decrease from 21% to 19%, and the Asian population has increased from 3% to 7%. These demographic shifts may influence the diverse housing needs of the community.
Southpoint's LIHTC-funded affordable housing, represented by the Bennett Creek project, plays a significant role in meeting the neighborhood's housing needs. The 264 units, with 106 designated as low-income, contribute to a balanced housing inventory, aligning with recommended targets for affordable housing. The project's focus on two and three-bedroom units suggests a priority on family housing. Over the past decade, Southpoint has experienced population growth and increased median income, potentially influencing the demand for various housing options. While the LIHTC project has not expanded since 2012, it continues to be an important component of the neighborhood's housing landscape, contributing to its diversity and affordability.