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Affordable Housing in St. Cloud, Florida: LIHTC Program Impact Amidst Rapid Growth
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
St. Cloud, Florida, a city in central Florida, has experienced rapid growth and demographic changes in recent years. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 842 units, all designated as low-income. This represents approximately 2.64% of the city's estimated housing inventory of 31,834 units.
St. Cloud has received $1,093,205 in project tax credits for affordable housing through the LIHTC program. With five projects, this translates to an average of $218,641 in federal funding per project, or $1,298 per unit. The city holds 0.16% of the total state LIHTC funding.
The first LIHTC project in St. Cloud, Sawyer Estates, was completed in 1999, while the most recent project, Saint Cloud Village, was finished in 2013. This indicates that affordable housing has been present in the city for at least 14 years. The 2000s saw the most affordable housing development, with three projects completed during this decade.
The LIHTC-funded housing in St. Cloud offers a range of unit sizes. The inventory includes 160 one-bedroom, 346 two-bedroom, 124 three-bedroom, and 32 four-bedroom units. This distribution accommodates various family sizes within the affordable housing stock.
St. Cloud's population has grown significantly, increasing from 54,615 in 2013 to 83,087 in 2022. The median income has risen from $55,216 in 2013 to $64,859 in 2022. The racial composition has shifted, with the Hispanic population growing from 25% in 2013 to 43% in 2022, while the white population decreased from 66% to 45% during the same period.
No new LIHTC projects have been reported since 2013, despite the population growth and demographic changes. This may indicate that other affordable housing initiatives or programs are addressing the evolving needs of the community.
St. Cloud's LIHTC-funded affordable housing represents a small but significant portion of the city's housing stock. The city has seen consistent investment in affordable housing through the LIHTC program from 1999 to 2013, with a diverse range of unit sizes. While the population and demographics have changed significantly in recent years, the LIHTC inventory has remained stable. This analysis provides insights into the affordable housing landscape in St. Cloud, though other housing programs and initiatives may also be contributing to the city's overall affordable housing supply.
