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Affordable Housing in Zip Code 34113: A Study of LIHTC Funded Units in Lely Resort, Florida
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 34113, located in Lely Resort, Florida, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 261 total affordable housing units, with 258 specifically designated as low-income units. As of 2022, the zip code had an estimated population of 23,962 and an estimated housing inventory of approximately 9,181 units. The LIHTC funded affordable housing represents about 2.84% of the estimated housing stock in this zip code.
The LIHTC program has supported two affordable housing projects in this zip code. The first project, College Park, was completed in 1991, while Whistler's Cove followed in 2000. This indicates that affordable housing has been present in the area for over three decades. The 1990s saw the most activity in LIHTC funded affordable housing development in this zip code.
The LIHTC funded projects in this zip code offer a total of 24 one-bedroom units and 237 two-bedroom units. This distribution suggests a focus on accommodating small families or individuals in the area's affordable housing stock.
Over the past decade, the zip code has experienced significant population growth, increasing from 18,467 in 2013 to 23,962 in 2022. This represents a growth rate of about 29.8%. During this same period, the median income has also risen, from $55,903 in 2013 to $65,498 in 2022, an increase of approximately 17.2%.
The racial composition of the zip code has remained relatively stable over the past decade. As of 2022, the population was predominantly white (55%), with Hispanic residents making up the second-largest group (29%). The Black population has seen a slight increase from 11% in 2013 to 12% in 2022.
Despite the population growth and rising median income, no new LIHTC projects have been developed in the last decade. This could be due to various factors, including changes in local housing policies, shifts in funding priorities, or potentially reduced need for additional affordable housing units in the area.
Zip code 34113 in Lely Resort, Florida, has a modest LIHTC funded affordable housing inventory, comprising 261 units across two projects developed in the 1990s and early 2000s. This represents a small percentage of the estimated housing stock, but has provided consistent affordable housing options for over 30 years. The area has experienced significant population growth and increases in median income over the past decade, but this has not corresponded with new LIHTC funded developments. The stable racial composition and the focus on one and two-bedroom units in existing projects suggest that the current affordable housing stock may be meeting specific community needs, though further analysis would be required to determine if additional affordable housing is necessary to meet the evolving demographics of the area.
