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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Tampa, a city on Florida's west coast, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC program has contributed 5,125 total units, with 3,326 designated as low-income units. Based on the estimated 152,552 housing units in Tampa, LIHTC funded affordable housing covers approximately 3.36% of the city's housing inventory.
Tampa has received $19,956,504 in project tax credits through the LIHTC program. With approximately 38 projects, this translates to an average federal funding of about $525,171 per project and $3,894 per unit. Tampa holds 2.94% of Florida's total LIHTC funding, indicating a significant portion of the state's affordable housing resources.
The LIHTC program in Tampa spans several decades, with the earliest recorded project, Westport Commons, completed in 1990, and the most recent, Heights at Gracepoint, finished in 2020. This 30-year span demonstrates a long-term commitment to affordable housing in the city.
The 2000s saw the most affordable housing activity, with multiple projects completed throughout the decade. Notable developments include Clipper Cove, Belmont Heights Estates, and Oaks at Riverview, all completed in the early to mid-2000s.
Tampa's LIHTC inventory offers a diverse range of unit types. Of the 5,125 total units, there are 81 efficiencies, 1,045 one-bedroom units, 1,794 two-bedroom units, 967 three-bedroom units, and 197 four-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on one and two-bedroom units.
Over the past decade, Tampa's population has grown from 346,064 in 2011 to 398,160 in 2022, an increase of about 15%. During this same period, the median income rose from $42,649 in 2013 to $71,089 in 2022, a 66.7% increase.
The racial composition of Tampa has remained relatively stable, with some notable shifts. The Hispanic population increased from 24% in 2013 to 29% in 2022, while the Black population decreased slightly from 23% to 18%. The White population remained relatively stable, moving from 46% to 44% during this period.
Several LIHTC projects were completed during this time of population growth and income increase, including Metro 510, Ella at Encore, and Tempo at Encore, suggesting a continued need for affordable housing despite rising incomes.
Tampa's LIHTC program has made a substantial contribution to the city's affordable housing inventory over the past three decades. With 5,125 total units and 3,326 low-income units, the program addresses a portion of the city's affordable housing needs. The diverse range of unit types caters to various household sizes, while the consistent development of new projects over the years indicates an ongoing commitment to affordable housing. As Tampa continues to grow and evolve demographically, the LIHTC program remains an important tool in maintaining housing affordability for low-income residents.