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Affordable Housing in Margate, Florida: LIHTC Program Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Margate, Florida, a city with a population of 58,610 as of 2022, encompasses an area of 9.05 square miles. The city contains two Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects, which provide a total of 260 units. Of these, 159 are designated as low-income units. Based on an estimated housing inventory of 22,456 units, LIHTC funded affordable housing represents approximately 1.16% of the city's housing stock.
Margate has received $1,967,002 in project tax credits through the LIHTC program. This amount equates to an average of $983,501 per project and $7,565 per unit in federal funding. The city's allocation represents 0.29% of Florida's total LIHTC funding. The first LIHTC project in Margate, Colonial Park, was completed in 2003, while the most recent project, Arbor View, was finished in 2019. This indicates that LIHTC affordable housing has been present in the city for at least 16 years, with the most recent development activity occurring in the 2010s.
The LIHTC funded affordable housing inventory in Margate consists primarily of one-bedroom and two-bedroom units. There are 168 one-bedroom units and 92 two-bedroom units across the two projects. Neither project includes efficiencies, three-bedroom, or four-bedroom units.
Margate's population has grown steadily over the past decade, increasing from 53,370 in 2010 to 58,610 in 2022. The median income has also risen, from $49,647 in 2013 to $53,655 in 2022. The city has experienced a significant shift in racial demographics. The white population has decreased from 45% in 2013 to 31% in 2022. Conversely, the Black population has increased from 23% to 32%, and the Hispanic population has grown from 25% to 27% during the same period. The Asian population has remained relatively stable at around 3-4%.
The completion of the Arbor View project in 2019 coincides with these demographic changes, potentially responding to the growing diversity and increasing population in the city. Margate's LIHTC funded affordable housing inventory, while modest in scale, has seen development activity over nearly two decades. The two projects provide 260 units, primarily consisting of one and two-bedroom apartments. The city has received nearly $2 million in tax credits, representing a small but significant portion of Florida's LIHTC allocation. As Margate's population continues to grow and diversify, the need for affordable housing may increase, potentially leading to future LIHTC developments to meet the evolving needs of the community.
