Over the past decade, Lake City's population has remained relatively stable, fluctuating between 2,957 and 3,034 residents. The median income has shown a steady increase from $46,825 in 2015 to $61,190 in 2022, indicating improving economic conditions for residents.

The racial composition of Lake City has remained predominantly white, with a slight decrease from 95% in 2015 to 88% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 4% to 6% and the percentage of residents identifying as two or more races increasing from 0% to 4% during this period.

Despite the improving economic conditions and slight increase in diversity, no new LIHTC projects have been developed in the last decade. This could be due to various factors, including limited demand for additional affordable housing or the availability of other housing assistance programs not captured in this data.

Lake City's LIHTC funded affordable housing inventory consists of one project with 44 two-bedroom units, all designated as low-income housing. This covers approximately 3.88% of the city's estimated housing stock. The project, completed in 1997, has been serving the community for over 20 years. While the city's median income has been increasing and its racial composition has become slightly more diverse over the past decade, no new LIHTC projects have been developed during this time. The existing LIHTC project continues to play a role in providing affordable housing options for Lake City residents.