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Orlando's LIHTC-Funded Affordable Housing: A Quantitative Overview of "The City Beautiful"
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Orlando, Florida, renowned for its theme parks, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city contains 7,761 total units in LIHTC-funded projects, with 6,568 designated as low-income units. Based on Orlando's 2022 population of 316,086 and an estimated housing inventory of 121,106 units, LIHTC-funded affordable housing comprises approximately 6.4% of the city's estimated housing stock.
Orlando has received $21,348,186 in project tax credits through the LIHTC program. With approximately 46 projects, this equates to an average of $464,091 in federal funding per project, or $2,751 per unit. Orlando holds 3.15% of Florida's total LIHTC funding, indicating a substantial commitment to affordable housing within the state.
The city's LIHTC-funded affordable housing development spans from 1992 to 2020, with Highland Oaks Apartments being one of the earliest projects and Pendana at West Lakes Senior Residences among the most recent. The late 1990s and early 2000s experienced significant affordable housing development, with notable projects including Caribbean Key Apartments (1998), Willow Key (1999), and Glenn on Millenia Boulevard (2002).
Orlando's LIHTC-funded housing stock is diverse, featuring 69 efficiencies, 1,241 one-bedroom units, 2,784 two-bedroom units, 1,615 three-bedroom units, and 347 four-bedroom units. This distribution addresses various household sizes and needs within the low-income community.
Over the past decade, Orlando has experienced steady population growth, increasing from 249,525 in 2012 to 316,086 in 2022. The median income has also risen significantly, from $41,345 in 2013 to $65,354 in 2022. Despite this economic growth, the need for affordable housing persists.
Racial demographics have shifted slightly, with the Hispanic population increasing from 27% in 2013 to 35% in 2022, while the White population decreased from 40% to 34% during the same period. The Black population has remained relatively stable, moving from 26% to 21%. These demographic changes may influence the ongoing need for diverse affordable housing options.
Orlando's LIHTC-funded affordable housing inventory represents a significant effort to address low-income housing needs, covering 6.4% of the estimated housing stock. With over $21 million in tax credits invested across approximately 46 projects, the city has demonstrated a long-term commitment to affordable housing development. The diverse unit mix caters to various household sizes, reflecting the changing demographics of the city. As Orlando continues to grow and evolve, ongoing investment in affordable housing through programs like LIHTC will remain crucial to maintaining a balanced and inclusive community.
