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Affordable Housing Analysis in Zip Code 32444: LIHTC Investments and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 32444 in Lynn Haven, Florida, exhibits a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 362 total units in LIHTC-funded projects, with 137 units specifically designated as low-income. Based on the 2022 population of 19,258 and using the national average household size, the estimated housing units in this zip code are approximately 7,379. The LIHTC-funded affordable housing comprises about 4.9% of the estimated housing inventory in the area.
The LIHTC projects in zip code 32444 have received $2,094,000 in tax credits, averaging about $5,785 in federal funding per unit. This funding represents 0.31% of Florida's total LIHTC allocation, indicating a modest but significant investment in affordable housing for this area. Affordable housing has been present in this zip code for over two decades, with the first LIHTC project, Reserve At Northshore, completed in 1999. The most recent addition, Pinnacle At Hammock Crossings, was finished in 2019, demonstrating ongoing efforts to provide affordable housing options.
The housing mix in these LIHTC projects is diverse, offering 60 one-bedroom, 176 two-bedroom, 123 three-bedroom, and 3 four-bedroom units. This variety caters to different household sizes and needs within the community. The 2010s saw the most activity in LIHTC development, with two projects completed during this decade.
Over the past decade, zip code 32444 has experienced fluctuations in population, with a peak of 20,950 residents in 2019 before declining to 19,258 in 2022. The median income has shown an overall upward trend, rising from $65,685 in 2013 to $74,508 in 2022, despite some year-to-year variations. Racial demographics have remained relatively stable, with a slight decrease in the white population from 83% in 2019 to 78% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 5% to 8% and the Asian population from 1% to 3% during the same period.
The completion of the Pinnacle At Hammock Crossings project in 2019 coincides with the peak population year, suggesting a response to increased housing demand. The subsequent population decrease and continued rise in median income may indicate changing housing needs in the area. Zip code 32444 has a moderate LIHTC-funded affordable housing presence, covering about 4.9% of the estimated housing inventory. The area has seen consistent investment in affordable housing over two decades, with projects adapting to changing demographics.
While the population has fluctuated, the median income has generally increased, potentially influencing the need for affordable housing options. The diverse unit mix in LIHTC projects reflects an effort to accommodate various household sizes within the community.
