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Florence, Kentucky: LIHTC Affordable Housing Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Florence, Kentucky, a city in the northern part of the state, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory consists of 503 total units, with 299 of these specifically designated as low-income units. Based on the 2022 population of 42,827 and an estimated 16,409 housing units, the LIHTC funded affordable housing represents approximately 3.1% of the city's estimated housing inventory.
Florence has received $7,453,996 in project tax credits through the LIHTC program. With approximately 7 projects, this translates to an average of $1,064,856 in federal funding per project. When considering the total units, the average federal funding per unit is $14,819. Florence holds 2.07% of Kentucky's total LIHTC funding, indicating a notable share of the state's affordable housing resources.
The city's involvement with LIHTC-funded affordable housing spans from 1992 to 2013. The first project, Greens Of Turfway Townhomes, was completed in 1992, while the most recent, Magnolia Glen (formerly known as Ridgewood North), was finished in 2013. The mid-2000s saw the most activity in affordable housing development, with two projects, Arcadia Park Apartments Phase III and Arcadia Park Apartments Phase I and II, both completed in 2005.
The LIHTC-funded housing in Florence offers a range of unit types. Out of the 503 total units, 242 are one-bedroom units, 45 are two-bedroom units, 198 are three-bedroom units, and 17 are four-bedroom units. This distribution suggests a focus on accommodating various family sizes and living situations.
Over the past decade, Florence has experienced population growth, increasing from 38,689 in 2013 to 42,827 in 2022, a 10.7% increase. The median income has also risen, from $61,535 in 2013 to $69,831 in 2022, a 13.5% increase. Despite this income growth, the continued presence of LIHTC projects suggests an ongoing need for affordable housing options.
The racial composition of Florence has remained relatively stable, with a slight decrease in the white population from 86% in 2013 to 83% in 2022, and small increases in Black, Hispanic, and multi-racial populations. This gradual diversification may influence future affordable housing needs and demographics.
Florence, Kentucky has a notable LIHTC-funded affordable housing inventory, representing about 3.1% of the city's estimated housing stock. The city has received significant federal funding for these projects, averaging over $1 million per project. The LIHTC program has been active in Florence for over two decades, with the most recent project completed in 2013. The housing units offer a range of options, predominantly one and three-bedroom units, catering to diverse household sizes. While the city has experienced population and income growth over the past decade, the presence of these LIHTC projects indicates an ongoing need for affordable housing options in Florence.
