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Leesburg's LIHTC-Funded Affordable Housing: A Decade of Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Leesburg, Florida, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 1,012 total units, with 909 designated as low-income units. Based on the 2022 population of 46,527 and an estimated 17,826 housing units, LIHTC-funded affordable housing represents approximately 5.7% of the city's estimated housing inventory.
Leesburg has received $3,210,600 in project tax credits for affordable housing through the LIHTC program. With approximately 10 projects, this equates to an average of $321,060 in federal funding per project. The average federal funding per unit is about $3,172. Leesburg holds 0.47% of Florida's total LIHTC state funding, indicating a substantial allocation for a city of its size.
The LIHTC-funded affordable housing in Leesburg spans from 2004 to 2009. The earliest project is "Crossings At Leesburg," while the most recent completed projects are "Laurel Oaks I" and "Southwinds Cove." This represents at least five years of continuous affordable housing development in the city. The mid-2000s saw the most affordable housing completions, with multiple projects finished between 2005 and 2009. Notable projects from this period include "Silver Pointe At Leesburg" (2005), "Lakeside Pointe" (2006), and "Lake Harris Cove" (2007).
The LIHTC-funded housing in Leesburg offers a diverse range of unit types. The inventory includes 104 one-bedroom units, 477 two-bedroom units, 279 three-bedroom units, and 68 four-bedroom units. This distribution suggests a focus on accommodating various family sizes and living arrangements.
Over the past decade, Leesburg's population has grown from 39,616 in 2013 to 46,527 in 2022, an increase of about 17.4%. During this period, the median income rose from $41,139 in 2013 to $44,837 in 2022, a modest increase of 9%. The racial composition of Leesburg has also shifted. The white population decreased from 77% in 2013 to 64% in 2022, while the Hispanic population increased from 5% to 17% during the same period. The Black population remained relatively stable, increasing slightly from 14% to 15%.
While no new LIHTC projects have been recorded in the last decade, the demographic changes, particularly the population growth and the increase in Hispanic residents, may indicate a potential need for additional affordable housing options in the future.
Leesburg's LIHTC-funded affordable housing inventory represents a significant investment in addressing low-income housing needs. The city has leveraged over $3 million in tax credits to create over 1,000 units, with a focus on larger family-sized apartments. While the LIHTC projects were primarily developed in the mid-2000s, the city's changing demographics, including population growth and increasing diversity, suggest that ongoing attention to affordable housing needs may be warranted.
