Loading Content...
Affordable Housing Analysis in Zip Code 33070: The Blue Water Workforce Housing Project
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 33070, situated in Tavernier, Florida, features a distinctive Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 36 affordable housing units, all of which are designated as low-income units. These units constitute approximately 1.81% of the estimated 1,990 housing units in the zip code, based on the 2022 population of 5,194 and the national average household size of 2.61.
The LIHTC program has invested $900,000 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $25,000 per unit. Notably, this zip code accounts for 0.13% of Florida's total LIHTC funding allocation.
The Blue Water Workforce Housing project, completed in 2011, is the only LIHTC-funded development in the area. This project has been providing affordable housing options for over a decade. The development consists of 36 units, including 2 one-bedroom units, 24 two-bedroom units, and 1 four-bedroom unit.
Over the past decade, zip code 33070 has experienced fluctuations in its population, with a general upward trend. The population increased from 4,825 in 2010 to 5,194 in 2022. Median income has also shown an overall increase, rising from $53,756 in 2013 to $73,102 in 2022, suggesting an improving economic situation for residents.
The racial composition of the area has remained relatively stable, with a predominantly white population. However, there has been a notable increase in the Hispanic population, growing from 16% in 2013 to 27% in 2022. This demographic shift may indicate a changing need for diverse housing options.
Despite these demographic changes, no new LIHTC projects have been built since 2011. This could be due to various factors, including the relatively small size of the zip code area (4.57 square miles) and the increasing median income, which might reduce the perceived need for additional affordable housing units.
Zip code 33070 in Tavernier, Florida, has a modest LIHTC-funded affordable housing presence, with 36 units provided by a single project completed in 2011. While this represents a small portion of the estimated housing inventory, it has been a consistent source of affordable housing for over a decade. The area has experienced population growth and increasing median incomes, along with a rise in its Hispanic population. These demographic shifts may influence future affordable housing needs in the zip code.
