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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Little Havana, a neighborhood in Miami, Florida, possesses a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 1,433 total units in LIHTC-funded projects, with 1,190 designated as low-income units. Based on the 2022 population of 55,161 and an estimated 21,134 housing units, LIHTC-funded affordable housing comprises approximately 6.8% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $6,555,985 in tax credits for affordable housing projects in Little Havana. This equates to an average federal funding of $4,575 per unit. The neighborhood has experienced consistent development of affordable housing over several decades. The earliest recorded LIHTC project, Rio Towers, was completed in 1992, while the most recent, Martin Fine Villas, was finished in 2018. This 26-year span indicates a long-term commitment to affordable housing in the area.
The 2010s witnessed the most significant affordable housing development activity, with projects such as Camacol Tower (2010), Amistad (2013), Joe Moretti II (2016), and Martin Fine Villas (2018) being completed. The inventory includes a diverse mix of unit types: 80 efficiencies, 335 one-bedroom units, 257 two-bedroom units, 43 three-bedroom units, and 17 four-bedroom units, accommodating various household sizes and needs.
Over the past decade, Little Havana's population has remained relatively stable, fluctuating between 53,801 and 58,277 residents. The median income has shown a substantial increase, rising from $20,562 in 2015 to $30,559 in 2022. This 48.6% increase in median income may indicate changing economic conditions in the neighborhood.
The racial composition of Little Havana has remained predominantly Hispanic, with a slight decrease from 96% in 2013 to 93% in 2022. There has been a small increase in the white population, from 2% in 2013 to 4% in 2022, while the Black population has remained steady at approximately 2%. These demographic shifts, though minor, could influence future affordable housing needs and development strategies.
Little Havana's LIHTC-funded affordable housing inventory represents a significant portion of the neighborhood's housing stock, covering an estimated 6.8% of total units. The area has benefited from consistent LIHTC investments over nearly three decades, with the most active period being the 2010s. The diverse range of unit types suggests an effort to accommodate various household sizes and needs. While the population has remained relatively stable, the notable increase in median income over the past decade may indicate changing economic dynamics in the neighborhood. These factors, along with the consistent Hispanic majority in the population, should be considered in future affordable housing planning and development in Little Havana.