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Affordable Housing in Webster Park North: Two Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Webster Park North, a neighborhood in Lakeland, Florida, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 359 total units, with 357 designated as low-income units. Based on the estimated housing inventory of 3,016 units, the LIHTC funded affordable housing covers approximately 11.9% of the neighborhood's housing stock.
The LIHTC program has invested $792,906 in tax credits for affordable housing projects in Webster Park North. This translates to an average federal funding of $2,208 per unit. The neighborhood has seen LIHTC projects spanning over two decades, with the first project, Providence Reserve, completed in 1999, and the most recent, Banyan Reserve Senior, finished in 2020. This 21-year period demonstrates a long-term commitment to affordable housing in the area.
The 2020s marked the most recent decade of affordable housing development in Webster Park North, with the completion of Banyan Reserve Senior. This project added 139 units to the neighborhood's affordable housing inventory, all of which are designated as low-income units. The project includes a mix of one-bedroom and two-bedroom units, potentially catering to smaller households and seniors.
In total, the LIHTC funded projects in Webster Park North offer a diverse range of housing options. The inventory includes 7 one-bedroom units, 201 two-bedroom units, 72 three-bedroom units, and 16 four-bedroom units. This variety accommodates different household sizes and needs within the affordable housing framework.
Over the past decade, Webster Park North has experienced some demographic shifts. The population has grown from 7,141 in 2015 to 7,872 in 2022, indicating a steady increase in residents. Median income has also risen, from $46,216 in 2015 to $50,806 in 2022, suggesting some economic improvement in the area.
Racial demographics have shown slight changes. The White population increased from 40% in 2015 to 47% in 2022, while the Black population decreased from 31% to 27% during the same period. The Hispanic population remained relatively stable, moving from 24% to 23%. These shifts coincide with the completion of the Banyan Reserve Senior project in 2020, potentially reflecting changing housing needs in the neighborhood.
Webster Park North demonstrates a consistent commitment to affordable housing through its LIHTC funded projects. With 11.9% of its estimated housing stock dedicated to affordable units, the neighborhood is approaching the target range of 15-20% for a well-balanced community. The diverse unit types available cater to various household sizes, while the recent completion of Banyan Reserve Senior suggests ongoing efforts to meet evolving housing needs. As the neighborhood continues to grow and change demographically, the LIHTC program remains a crucial tool in maintaining affordable housing options for residents.
