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Affordable Housing in Lake Lucerne: LIHTC's Impact on Miami Gardens Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lake Lucerne, a neighborhood in Miami Gardens, Florida, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 429 total units, all designated as low-income units. This affordable housing stock plays a crucial role in meeting the community's housing needs.
Based on the estimated housing inventory of 1,010 units for the neighborhood, the LIHTC funded affordable housing covers approximately 42.5% of the total housing stock. This percentage indicates that LIHTC projects contribute significantly to the neighborhood's affordable housing supply, surpassing the typical target of 15-20% for a well-balanced community.
The LIHTC program has invested $1,028,720 in project tax credits for affordable housing in Lake Lucerne. With 429 total units funded, this translates to an average federal funding of approximately $2,398 per unit. This investment demonstrates a substantial commitment to affordable housing in the neighborhood.
The affordable housing presence in Lake Lucerne spans from 2003 to 2004, with two notable projects: Cedar Grove and Emerald Dunes. Cedar Grove, completed in 2003, was the first LIHTC project in the neighborhood, followed by Emerald Dunes in 2004. This indicates that affordable housing has been a part of the community for nearly two decades.
The early 2000s saw the most affordable housing development in Lake Lucerne, with both projects completed within a two-year period. Cedar Grove is the larger of the two, offering 288 units, while Emerald Dunes provides 141 units.
Lake Lucerne's LIHTC inventory offers a diverse range of unit types. The neighborhood has 48 one-bedroom units, 168 two-bedroom units, 183 three-bedroom units, and 3 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes, with a particular emphasis on two- and three-bedroom units.
Over the past decade, Lake Lucerne has experienced some demographic shifts that may relate to its affordable housing landscape. The population has grown from 1,961 in 2013 to 2,637 in 2022, indicating an increasing demand for housing. Median income has also risen from $27,399 in 2013 to $36,539 in 2022, which may reflect improved economic conditions for some residents, potentially influenced by the stability provided by affordable housing options.
The racial composition of Lake Lucerne has remained predominantly Black, though the percentage has decreased slightly from 93% in 2013 to 76% in 2022. There has been a gradual increase in the Hispanic population, rising from 5% to 16% during the same period. This demographic shift suggests a growing diversity in the neighborhood, which may influence future affordable housing needs.
Lake Lucerne's LIHTC funded affordable housing inventory plays a substantial role in the neighborhood's housing landscape, covering over 40% of the estimated housing stock. The two LIHTC projects, completed in the early 2000s, provide a mix of unit sizes to accommodate diverse household needs. While no new LIHTC projects have been developed in the last decade, the existing inventory continues to serve the community. The neighborhood has experienced population growth and income increases, along with slight shifts in racial composition, which may impact future affordable housing demands and strategies in Lake Lucerne.
