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Lakeland's LIHTC-Funded Affordable Housing: Two Decades of Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lakeland, Florida, maintains a significant inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city has 1,302 total units in LIHTC-funded projects, with 790 designated as low-income units. This affordable housing represents approximately 2.83% of Lakeland's estimated 45,994 housing units.
Lakeland has received $7,531,265 in project tax credits through the LIHTC program. With 11 projects, this equates to an average of $684,660 in federal funding per project, or about $5,784 per unit. Lakeland's LIHTC funding constitutes 1.11% of Florida's total allocation.
The city's LIHTC-funded housing development spans over two decades, from Providence Reserve in 1999 to Banyan Reserve Senior in 2020. The 2000s were particularly active for affordable housing development, with projects such as Carrington Place, Cambridge Cove, and Renaissance At Washington Ridge completed during this period.
The LIHTC-funded housing inventory in Lakeland offers various unit types: 262 one-bedroom units, 527 two-bedroom units, 210 three-bedroom units, and 96 four-bedroom units. This distribution accommodates different family sizes and living arrangements.
Lakeland's population increased from 97,530 in 2010 to 120,044 in 2022, a 23% growth. Concurrently, the median income rose from $40,126 in 2013 to $58,524 in 2022, a 45.8% increase. The racial composition remained relatively stable, with a slight increase in diversity. In 2022, the population was 59% White, 17% Black, 19% Hispanic, and 2% Asian, with small percentages of other racial groups.
Lakeland's LIHTC-funded affordable housing inventory addresses 2.83% of the city's estimated housing needs. The consistent development of affordable housing projects over two decades, particularly in the 2000s, and the diverse range of unit types indicate an effort to accommodate various household sizes. Despite population growth and increased median incomes, the ongoing development of LIHTC projects suggests a continued commitment to providing affordable housing options for Lakeland's residents.
