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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 32765, located in Oviedo, Florida, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area hosts 1,073 total units in LIHTC-funded projects, with 921 of these designated as low-income units. Based on the 2022 population of 63,349 and an estimated 24,272 housing units, the LIHTC-funded affordable housing represents approximately 4.4% of the zip code's estimated housing inventory.
The LIHTC projects in this zip code have received $1,574,268 in tax credits, averaging about $1,467 per unit in federal funding. This zip code accounts for 0.23% of Florida's total LIHTC funding, indicating a moderate concentration of affordable housing investment relative to the state.
Affordable housing has been a part of this zip code for over two decades, with the first LIHTC project, Promenade At Aloma, completed in 1999, and the most recent, Covington Club, in 2011. The 2000s saw the most significant development of affordable housing, with five projects completed in 2008 alone, including the Oviedo Town Centre series (I through IV).
The LIHTC-funded projects in this zip code offer a diverse range of unit types. There are 233 one-bedroom units, 374 two-bedroom units, 244 three-bedroom units, and 68 four-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on small to medium-sized families.
Over the past decade, the zip code has experienced moderate population growth, increasing from 58,268 in 2013 to 63,349 in 2022. Concurrently, the median income has risen significantly, from $76,097 in 2013 to $86,048 in 2022, indicating an overall improvement in economic conditions.
The racial composition of the area has remained relatively stable, with a slight decrease in the white population (from 69% in 2013 to 61% in 2022) and small increases in Hispanic (17% to 22%) and Asian (5% to 6%) populations. The black population has remained steady at around 7-8%.
Despite the lack of new LIHTC projects since 2011, the demographic data suggests a continued need for affordable housing. The increasing median income could potentially be pricing out some lower-income residents, highlighting the importance of maintaining and possibly expanding affordable housing options.
Zip code 32765 in Oviedo, Florida, has a moderate presence of LIHTC-funded affordable housing, representing about 4.4% of the estimated housing inventory. The area has seen consistent investment in affordable housing over two decades, with a particular focus in the late 2000s. The diverse unit mix caters to various household sizes, reflecting the community's needs. While there have not been new LIHTC projects in recent years, the changing demographics and rising median income suggest an ongoing need for affordable housing options to maintain community diversity and economic inclusivity.