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Ocala's Long-Term Commitment to Affordable Housing Through LIHTC Program
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Ocala, a city in Florida, has implemented the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing. The city's LIHTC-funded inventory comprises 1,562 total units, with 1,060 designated as low-income units. This represents approximately 6.2% of Ocala's estimated housing inventory of 25,095 units.
Ocala has received $3,715,110 in project tax credits for affordable housing through the LIHTC program. With approximately 13 projects, this equates to an average of $285,778 in federal funding per project. The average federal funding per unit is $2,378. Ocala's share of Florida's total LIHTC funding is 0.55%, indicating a modest but significant contribution to the state's affordable housing efforts.
The city's affordable housing development spans over two decades. The earliest recorded project, Steeplechase Apts I, was completed in 1996, while the most recent, Hickory Knoll, was finished in 2019. This demonstrates Ocala's long-term commitment to providing affordable housing options.
The 2000s were the most active period for affordable housing development in Ocala, with projects such as Magnolia Walk I, Magnolia Walk II, Laurel Park I, Blichton Station, Green Gables II, and Laurel Park II being completed during this decade.
The LIHTC-funded housing in Ocala offers a variety of unit types. The inventory includes 416 one-bedroom units, 454 two-bedroom units, 203 three-bedroom units, and 345 four-bedroom units. This distribution suggests an effort to accommodate various family sizes and living arrangements.
Ocala's demographic landscape has shown notable trends over the past decade. The Hispanic population has increased from 10% in 2013 to 15% in 2022, while the white population has decreased from 66% to 61% during the same period. The Black population has remained relatively stable at around 17%, and the Asian population has seen a slight increase from 1% to 3%.
As of 2022, Ocala's population was 65,498, with a population density of 1,386 people per square mile. The median income in 2022 was $44,756, which is relatively low and suggests a continued need for affordable housing options.
Ocala's LIHTC-funded affordable housing inventory represents a significant effort to address the housing needs of its low-income residents. The program covers about 6.2% of the estimated housing stock, with over $3.7 million received in tax credits. The development of these projects spans more than two decades, with the most active period being the 2000s. The diverse range of unit types suggests an attempt to cater to various household sizes. As Ocala's demographics continue to evolve, particularly with growth in the Hispanic population and changes in racial composition, the ongoing development and maintenance of affordable housing will remain crucial to meeting the city's changing needs.
