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Analyzing Affordable Housing in St. Augustine: LIHTC's Impact on America's Oldest City
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. Augustine, Florida, established in 1565, is recognized as the oldest city in the United States. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 100 units, all designated as low-income units. This affordable housing stock is integral to addressing the community's housing needs.
Based on St. Augustine's estimated 2022 housing inventory of 9,293 units, LIHTC-funded affordable housing units constitute approximately 1.08% of the city's total housing stock. This percentage indicates that LIHTC-funded projects contribute a small portion to the city's overall housing inventory.
St. Augustine has had LIHTC-funded affordable housing projects since the early 1990s. The first project, Bryants Villas, was completed in 1993, followed by Woodcrest in 1997. This indicates that affordable housing initiatives have been present in the city for nearly three decades.
The 1990s saw the most affordable housing projects completed in St. Augustine. Woodcrest, the larger of the two projects, provides 88 units, while Bryants Villas offers 12 units. These projects have significantly contributed to the city's affordable housing stock.
The LIHTC-funded projects in St. Augustine offer a diverse range of housing options. The inventory includes 14 one-bedroom units, 4 two-bedroom units, and 36 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, with emphasis on families requiring multiple bedrooms.
Over the past decade, St. Augustine has experienced demographic shifts that may influence affordable housing needs. The population has shown slight fluctuations, with 23,351 residents in 2021 and 24,254 in 2022. This modest population growth could indicate a stable demand for affordable housing.
Median income in St. Augustine has increased from $59,105 in 2017 to $68,536 in 2022. This upward trend in income levels may impact the eligibility criteria for affordable housing and potentially alter the demand for LIHTC-funded units.
St. Augustine has maintained a relatively consistent racial composition over the past decade. The white population has remained the majority, accounting for about 83% of residents in 2022. The Hispanic population has shown a slight increase from 6% in 2013 to 8% in 2022, while the Black population has decreased from 8% in 2013 to 5% in 2022. These demographic shifts, though modest, may influence the diverse housing needs of the community.
St. Augustine's LIHTC-funded affordable housing inventory, while small in relation to the overall housing stock, provides 100 low-income units to the community. The city's affordable housing initiatives through LIHTC have been in place since the early 1990s, with the most significant developments occurring in that decade. The available units offer a range of options, primarily focusing on one- and three-bedroom apartments. The city has experienced moderate population growth and increasing median incomes over the past decade, while the racial composition has remained relatively stable. These factors collectively shape the ongoing need for affordable housing in St. Augustine.
