Lake City's LIHTC inventory consists of 68 one-bedroom units, 85 two-bedroom units, and 22 three-bedroom units, providing a range of options for different household sizes. The inventory does not include any efficiency or four-bedroom units.

Over the past decade, Lake City has experienced a population decline, decreasing from 10,573 in 2015 to 8,515 in 2022. Despite this reduction, the median income has increased steadily from $32,774 in 2015 to $43,003 in 2022, suggesting an improvement in economic conditions for some residents.

The racial composition of Lake City has undergone slight changes, with the Black population decreasing from 72% in 2019 to 59% in 2022, while the White population increased from 23% to 34% during the same period. The Asian and Hispanic populations have remained relatively stable at approximately 1-2% each.

The absence of new LIHTC projects in the last decade may be attributed to the declining population and rising median income, potentially reducing the perceived need for additional low-income housing. However, it is important to note that other affordable housing programs may be addressing any ongoing needs not captured in this data.

Lake City's LIHTC-funded affordable housing inventory, while modest, provides an important resource for low-income residents. The city's 175 affordable units, developed over a decade, represent about 5.4% of the estimated housing stock. Despite a declining population, rising median incomes suggest changing economic dynamics that may influence future affordable housing needs. The racial composition shifts and the lack of recent LIHTC projects highlight the evolving nature of the city's demographics and housing landscape.