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Clearwater's LIHTC-Funded Affordable Housing: Two Decades of 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
Clearwater, Florida, a city on the Gulf Coast, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 1,013 total units in LIHTC-funded projects, with 532 designated as low-income units. Based on Clearwater's 2022 population of 117,010 and an estimated 44,831 housing units, LIHTC-funded affordable housing comprises approximately 2.26% of the city's estimated housing inventory.
Clearwater has received $5,456,455 in project tax credits through the LIHTC program. With approximately 8 projects, this equates to an average of $682,057 in federal funding per project. The average federal funding per unit is $5,386, considering the total 1,013 units in LIHTC-funded projects. Clearwater holds 0.81% of Florida's total LIHTC funding, indicating a significant portion of the state's affordable housing resources.
The city's LIHTC-funded housing spans over two decades, with the earliest project, Wellington, completed in 1999, and more recent developments like Madison Point and Woodlawn Trail finished in 2019. The 2010s saw the most affordable housing activity, with five projects completed during this decade. These include Pine Berry Senior (2011), Clearwater (2014), Garden Trail (2018), and the aforementioned Madison Point and Woodlawn Trail (both 2019).
The LIHTC-funded housing in Clearwater offers a diverse range of unit types. The inventory includes 119 one-bedroom units, 704 two-bedroom units, and 190 three-bedroom units, catering to various household sizes and needs.
Over the past decade, Clearwater's population has grown steadily, increasing from 107,697 in 2010 to 117,010 in 2022. This growth may have contributed to the need for additional affordable housing units, as reflected in the LIHTC projects completed during this period. The city's median income has fluctuated but showed an overall increase from $44,768 in 2013 to $56,474 in 2022. Despite this rise, the continued development of LIHTC projects suggests an ongoing need for affordable housing options.
Clearwater's racial demographics have remained relatively stable, with a slight decrease in the white population (from 69% in 2014 to 64% in 2022) and small increases in Hispanic (14% to 18%) and Asian (3% to 4%) populations. This gradual diversification may have influenced the demand for various types of affordable housing units.
Clearwater's LIHTC-funded affordable housing inventory plays a crucial role in addressing the city's housing needs. With over 1,000 units across approximately 8 projects, the program has provided a consistent stream of affordable housing options over the past two decades. The city's share of state LIHTC funding and the diversity of unit types demonstrate a commitment to meeting the varied housing needs of its low-income residents. As Clearwater continues to grow and evolve demographically, the LIHTC program remains an essential tool in maintaining and expanding affordable housing opportunities for its residents.
