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Affordable Housing in Palmetto Bay: A Decade of LIHTC Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Palmetto Bay, located in Florida, has a single LIHTC funded affordable housing project. This project, named Royal Coast, provides 174 total units, with 173 designated as low-income units. Based on the 2022 population of 25,428 and an estimated 9,743 housing units, the LIHTC-funded affordable housing represents approximately 1.78% of the city's estimated housing inventory.
The LIHTC program has contributed $470,053 in tax credits to Palmetto Bay for affordable housing development. This equates to an average federal funding of $470,053 per project and approximately $2,701 per unit. Palmetto Bay accounts for 0.07% of Florida's total LIHTC funding allocation.
Royal Coast, completed in 2012, is the sole LIHTC-funded project in Palmetto Bay. This project marks both the beginning and current extent of LIHTC-funded affordable housing in the city. The 2010s were the only decade for LIHTC development in Palmetto Bay. Royal Coast offers a range of unit types, with 126 one-bedroom units and 48 two-bedroom units. This distribution indicates a focus on accommodating smaller households and families.
Over the past decade, Palmetto Bay has experienced population growth, increasing from 23,739 in 2010 to 25,428 in 2022. The median income has risen from $118,911 in 2013 to $129,317 in 2022, indicating overall economic improvement in the area.
Racial demographics have shifted, with the Hispanic population increasing from 39% in 2013 to 48% in 2022, while the white population decreased from 49% to 41% during the same period. The Asian population has remained stable at around 4-5%, while the Black population has decreased from 5% to 3%.
The absence of additional LIHTC projects in recent years may be attributed to the rising median income and overall economic prosperity of the area, potentially reducing the perceived need for additional low-income housing developments.
Palmetto Bay's LIHTC-funded affordable housing inventory consists of one project, Royal Coast, providing 173 low-income units. This represents a small percentage of the city's estimated housing stock. The city has experienced population growth and significant increases in median income over the past decade, which may have influenced the lack of additional LIHTC developments since 2012. The changing racial demographics, particularly the growth in the Hispanic population, may be a factor to consider in future affordable housing planning for the city.
