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Largo's LIHTC Program: A Decade of Affordable Housing 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
Largo, a city in Florida, has implemented the Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The program has resulted in 540 total units, with 287 designated as low-income units. This LIHTC-funded affordable housing represents approximately 1.71% of the city's estimated 31,599 housing units.
The city has received $1,926,229 in project tax credits through the LIHTC program. With approximately 4 projects, this equates to an average federal funding of $481,557 per project and $3,567 per unit. Largo's share of Florida's total LIHTC funding is 0.28%, indicating a modest portion of the state's affordable housing resources.
LIHTC-funded affordable housing development in Largo spans from 2005 to 2015. The earliest project, Belleair Place, was completed in 2005, while the most recent, Whispering Palms, was finished in 2015. The majority of affordable housing projects, three out of four, were completed during the 2010-2019 decade.
The LIHTC projects in Largo include 216 two-bedroom units and 135 three-bedroom units, accommodating various family sizes and needs.
Largo's population has grown from 77,663 in 2010 to 82,474 in 2022. The median income has increased from $38,550 in 2013 to $56,408 in 2022, potentially indicating improved economic conditions for residents.
Racial demographics in Largo have shifted slightly between 2013 and 2022. The white population decreased from 75% to 77%, while the Black population increased from 5% to 6%. The Hispanic population decreased from 14% to 11%, and the Asian population increased from 2% to 3%. These changes suggest a gradual diversification of the population.
The completion of LIHTC projects between 2012 and 2015 coincides with a period of population growth and increasing median income, potentially addressing the growing need for affordable housing during this time of economic change.
Largo's LIHTC-funded affordable housing inventory constitutes a small but significant portion of its housing stock. The city has utilized federal funding to create 540 affordable units over a decade, focusing on two and three-bedroom units. While the percentage of affordable housing is modest compared to the estimated housing inventory, other programs may contribute to the city's overall affordable housing supply. The demographic trends, including population growth and rising median income, indicate an evolving need for affordable housing that the LIHTC program has partially addressed.
