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Affordable Housing in North Shore: LIHTC 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
North Shore, a neighborhood in Miami Beach, Florida, has 234 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. Based on the 2022 population of 14,311 and the national average household size of 2.61, the estimated total housing units in North Shore is 5,483. LIHTC funded affordable housing represents approximately 4.27% of the estimated housing inventory in the neighborhood.
The LIHTC program has provided $497,510 in tax credits for affordable housing projects in North Shore. This equates to an average federal funding of approximately $2,126 per unit. The neighborhood has two LIHTC funded projects: Harding Village - Miami Beach and North Beach.
Harding Village - Miami Beach, completed in 2006, is the earliest known LIHTC project in the neighborhood. It contains 92 efficiency units, all designated as low-income. This project demonstrates a long-standing commitment to affordable housing in North Shore, spanning at least 16 years.
The 2000s saw significant affordable housing development in North Shore, with Harding Village - Miami Beach being a notable project from this decade.
North Shore has experienced demographic shifts over the past decade. The population peaked in 2017 at 17,792 and declined to 14,311 in 2022. Despite this population decrease, the median income increased from $36,696 in 2013 to $51,850 in 2022, indicating a potential change in the neighborhood's economic landscape.
Racial demographics have remained relatively stable. The Hispanic population consistently represented the majority (66-71%) throughout the decade. The white population slightly decreased from 26% in 2013 to 22% in 2022, while other racial groups experienced minor fluctuations.
These demographic trends suggest a changing economic profile in North Shore, which may impact the need for affordable housing. The increasing median income could indicate a growing demand for market-rate housing, potentially offsetting the need for additional LIHTC projects in recent years.
North Shore's LIHTC funded affordable housing inventory covers a small but significant portion of its estimated housing stock. The neighborhood has two LIHTC projects, with Harding Village - Miami Beach being a notable development completed in 2006. While the population has decreased in recent years, median income has risen, potentially influencing the demand for affordable housing. The stable racial demographics, particularly the consistently high Hispanic population, may be a factor in determining the specific needs for affordable housing in the area.
