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Affordable Housing in Key West: LIHTC Program Impact on Tropical Island City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Key West, Florida's affordable housing landscape is characterized by its Low-Income Housing Tax Credit (LIHTC) funded inventory. The city has 243 total units, with 147 designated as low-income units. This LIHTC-funded affordable housing represents approximately 2.4% of the city's estimated 10,184 housing units.
Key West has received $3,448,985 in project tax credits for affordable housing through the LIHTC program. With approximately 5 projects, this equates to an average of $689,797 in federal funding per project. The funding amounts to about $14,193 per unit. Key West holds 0.51% of the total state funding for LIHTC projects in Florida.
The city's affordable housing development spans from 1996 to 2020. Mariner's Cove - Key West was the first project, and Marty's Place is the most recent. The 2010s saw the most activity in affordable housing development, with projects such as Poinciana Royale (2011) and Quarry (2019) being completed.
Key West's LIHTC-funded housing stock includes a mix of unit types: 112 one-bedroom, 97 two-bedroom, and 17 three-bedroom units. This distribution indicates a focus on accommodating smaller households and families.
Over the past decade, Key West's population has remained relatively stable, ranging from 25,000 to 27,000 residents. The median income has increased steadily, rising from $63,100 in 2014 to $76,531 in 2022. This economic growth may have influenced the need for affordable housing options.
Racial demographics have shifted slightly. The white population decreased from 67% in 2013 to 59% in 2022. The Hispanic population grew from 18% to 23% during the same period. This diversification may reflect changing housing needs in the community.
Key West's LIHTC-funded affordable housing represents a small but significant portion of the city's housing inventory. The city has used federal funding to create a mix of unit types, potentially addressing diverse housing needs. While the affordable housing stock has grown over the years, the increasing median income and changing demographics suggest an evolving landscape that may require ongoing attention to affordable housing needs.
