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Lynn Haven's LIHTC Program: Two Decades 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
Lynn Haven, a city in Florida, has implemented the Low-Income Housing Tax Credit (LIHTC) program for affordable housing development. The city's LIHTC-funded affordable housing inventory comprises 362 total units, with 137 designated as low-income units. This represents approximately 3.18% of the city's estimated housing inventory of 11,388 units.
Lynn Haven has received $2,094,000 in project tax credits for affordable housing through the LIHTC program. With four projects, this amounts to an average federal funding of $523,500 per project and $5,785 per unit. The city accounts for 0.31% of Florida's total LIHTC funding, indicating a modest contribution to the state's affordable housing efforts.
The LIHTC program in Lynn Haven spans two decades, with the first project, Reserve At Northshore, completed in 1999, and the most recent, Pinnacle At Hammock Crossings, finished in 2019. The 2010s saw the most activity, with two projects completed during this decade: Pinnacle At Hammock Square (2011) and Pinnacle At Hammock Crossings (2019).
The LIHTC-funded projects in Lynn Haven offer a range of unit types. The inventory includes 60 one-bedroom units, 176 two-bedroom units, 123 three-bedroom units, and 3 four-bedroom units. This distribution accommodates families of various sizes within the affordable housing stock.
Lynn Haven's population has fluctuated over the past decade, peaking at 30,841 in 2019 before declining to 29,722 in 2022. The median income has shown an upward trend, increasing from $64,722 in 2013 to $73,434 in 2022.
The racial composition of Lynn Haven has remained relatively stable. The white population decreased slightly from 84% in 2018 to 79% in 2022. During the same period, the Hispanic population grew from 4% to 7%, and the Asian population increased from 1% to 3%.
The completion of the Pinnacle At Hammock Crossings project in 2019 coincides with the period of peak population, suggesting a response to increased housing demand. The subsequent population decline and continued rise in median income may indicate changing housing needs in the community.
Lynn Haven's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The city has maintained consistent effort in developing affordable housing over two decades, focusing on diverse unit types to accommodate various household sizes. The LIHTC projects contribute to addressing affordable housing needs, covering a modest percentage of the estimated housing inventory. The demographic trends, including population fluctuations and increasing median income, provide context for the ongoing affordable housing developments in Lynn Haven.
