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Naples, Florida: LIHTC-Funded Affordable Housing in a High-Income Coastal City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Naples, Florida, known for its beaches and upscale lifestyle, has a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 142 affordable housing units, with 79 designated as low-income units. Based on the estimated 12,685 housing units in Naples, the LIHTC-funded affordable housing covers approximately 1.12% of the city's housing inventory.
Naples has received $212,208 in project tax credits for its LIHTC-funded affordable housing. With approximately 2 projects, this translates to an average federal funding of $106,104 per project. Dividing the total tax credits by the 142 total units results in an average federal funding of $1,494 per unit. Naples holds 0.03% of Florida's total LIHTC funding.
The city's LIHTC-funded affordable housing spans over a decade, with the first project, Jasmine Cay, completed in 1995, and the most recent project, George Washington Carver, finished in 2006. The 2000s saw the most affordable housing development in Naples.
Naples' LIHTC-funded housing inventory consists of 12 one-bedroom units, 100 two-bedroom units, and 30 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families.
Over the past decade, Naples has experienced fluctuations in its population, with a general upward trend until 2020, followed by a slight decline. The median income has shown significant growth, rising from $79,588 in 2017 to $91,314 in 2022. This increase in median income might partially explain the lack of new LIHTC projects in recent years.
The racial composition of Naples has remained relatively stable, with a slight increase in Hispanic population from 11% in 2019 to 13% in 2022. The white population has consistently made up the majority at around 81% throughout this period.
Naples' LIHTC-funded affordable housing inventory, while modest, provides 142 units to the community, with 79 specifically designated for low-income residents. The city's allocation of LIHTC funding represents a small portion of Florida's total, reflecting its size and demographics. The absence of new LIHTC projects since 2006 could be related to the city's rising median income and stable population trends. As Naples continues to evolve, ongoing assessment of affordable housing needs will be crucial to ensure a balanced community for all residents.
