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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Brickell, a neighborhood in Miami, Florida, contains a significant inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. The area encompasses 540 total units in LIHTC-funded projects, with 311 units specifically designated as low-income. These LIHTC-funded affordable housing units represent approximately 3.6% of the estimated 14,961 housing units in the neighborhood.
The LIHTC projects in Brickell have received $5,122,000 in project tax credits, averaging about $9,485 per unit in federal funding. Affordable housing development in the area has been consistent over time, with projects spanning from 1997 to 2016, indicating nearly two decades of affordable housing presence. The 2010s saw the most significant growth, with five projects completed between 2013 and 2016.
LIHTC-funded housing in Brickell offers a range of unit types, including 2 efficiencies, 133 one-bedroom units, 246 two-bedroom units, 62 three-bedroom units, and 1 four-bedroom unit. This distribution suggests accommodation for various household sizes, with an emphasis on small to medium-sized families.
Brickell has experienced significant population growth over the last decade, increasing from 25,067 in 2013 to 39,049 in 2022, a 55.8% increase. Concurrently, the median income has risen from $88,441 in 2013 to $100,867 in 2022, indicating a 14% growth in household income. The racial composition has remained relatively stable, with the Hispanic population maintaining a majority of around 60-62% throughout the decade. The White population has slightly decreased from 34% in 2013 to 30% in 2022, while Asian and Black populations have marginally increased.
The completion of several LIHTC projects between 2013 and 2016 aligns with Brickell's rapid population growth period. This suggests that affordable housing development was responding to the increasing demand for housing in the area during its expansion phase.
Brickell's LIHTC-funded affordable housing inventory represents a small but significant portion of its housing stock. The neighborhood has seen consistent development of affordable housing projects over nearly two decades, with a concentration in the mid-2010s. The diverse range of unit types caters to various household sizes. While the neighborhood has experienced substantial population growth and rising median incomes, the consistent development of LIHTC projects during this period indicates an effort to maintain affordable housing options in an increasingly affluent area. The stable racial composition, with a Hispanic majority, suggests that these affordable housing initiatives have helped maintain diversity in the neighborhood despite economic changes.