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Palm Coast's LIHTC-Funded Affordable Housing: A Decade of Growth
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Palm Coast, Florida, has implemented the Low-Income Housing Tax Credit (LIHTC) program to support its affordable housing landscape. The city's LIHTC-funded affordable housing inventory comprises 571 total units, with 367 designated as low-income units. Based on the city's 2022 population of 98,411 and an estimated housing inventory of 37,705 units, LIHTC-funded affordable housing represents approximately 1.51% of the city's estimated housing stock.
Palm Coast has received $2,589,473 in project tax credits through the LIHTC program. With approximately 6 projects funded, this amounts to an average of $431,579 in federal funding per project. The average federal funding per unit is $4,535. The city holds 0.38% of Florida's total LIHTC funding, indicating a relatively small share of the state's affordable housing resources.
The development of affordable housing in Palm Coast spans from 2005 to 2020. The first project was Madison Green Apts, and the most recent ones include Palms At Town Center, Central Landings At Town Center, and Central Landings At Town Center Senior Living. This 15-year period demonstrates a consistent commitment to developing affordable housing in the city.
The 2020s marked a significant increase in affordable housing development, with three projects completed in that year alone. This recent surge suggests an increased focus on addressing affordable housing needs in Palm Coast.
The LIHTC-funded projects in Palm Coast offer a diverse range of unit types. The inventory includes 176 one-bedroom units, 159 two-bedroom units, 147 three-bedroom units, and 17 four-bedroom units, accommodating various household sizes and needs. One notable project, Palm Coast Landing Senior Living, completed in 2015, specifically targets the senior population, addressing the unique housing needs of older residents in the community.
Over the past decade, Palm Coast has experienced steady population growth, increasing from 79,378 in 2013 to 98,411 in 2022. This 24% population increase correlates with the recent surge in LIHTC-funded projects, particularly those completed in 2020. The median income in Palm Coast has also risen, from $47,498 in 2013 to $68,434 in 2022. Despite this increase, the continued development of affordable housing suggests an ongoing need for low-income housing options in the face of rising living costs.
Available demographic data shows a slight decrease in the white population (from 72% in 2015 to 70% in 2022) and an increase in the Hispanic population (from 11% in 2015 to 13% in 2022). This shift in demographics may influence future affordable housing needs and development strategies.
Palm Coast's LIHTC-funded affordable housing inventory, while modest in relation to the overall housing stock, has seen significant growth in recent years. The city's diverse range of unit types and targeted projects, such as senior living facilities, demonstrate efforts to address varied housing needs. The correlation between population growth, rising median incomes, and increased affordable housing development in the past decade suggests a proactive approach to maintaining housing accessibility amidst changing demographics and economic conditions.
