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Affordable Housing in Richmond West: LIHTC Impact on a Diverse Florida Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Richmond West, a Florida community, has a population of 37,731 as of 2022. The city contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 106 low-income units. This project represents approximately 0.73% of the city's estimated 14,456 housing units.
The LIHTC program has invested $2,100,000 in Richmond West for affordable housing development. This investment equates to an average federal funding of $2,100,000 per project and $19,811 per unit. Richmond West accounts for 0.31% of Florida's total LIHTC funding, indicating a small but notable contribution to the state's affordable housing efforts.
The single LIHTC project in Richmond West, Sunrise Commons, was completed in 2009. This project initiated LIHTC-funded affordable housing in the city and has been operational for over a decade. Sunrise Commons offers a variety of unit types, including 8 one-bedroom units, 9 two-bedroom units, and 8 three-bedroom units, accommodating diverse household sizes.
Richmond West has experienced population growth over the past decade, increasing from 34,494 in 2013 to 37,731 in 2022. The median income has also risen from $76,953 in 2013 to $82,783 in 2022, suggesting overall economic improvement in the area.
The racial composition of Richmond West has remained relatively stable, with a predominantly Hispanic population. In 2022, the Hispanic population comprised 78% of the total, followed by 10% White, 8% Black, and 2% Asian residents.
Despite population growth and income increases, no new LIHTC projects have been developed in Richmond West over the last decade. This lack of development may be attributed to various factors, including changes in local housing policies, land availability, or shifts in affordable housing strategies.
Richmond West's affordable housing landscape is characterized by a single LIHTC-funded project, Sunrise Commons, which provides 106 low-income units. While this project represents a small percentage of the city's estimated housing inventory, it serves an important role in addressing affordable housing needs. The city has experienced population growth and income increases over the past decade, but no new LIHTC projects have been developed during this time. The demographic data indicates a stable community composition, with a predominantly Hispanic population. As Richmond West continues to grow, ongoing assessment of affordable housing needs will be essential to ensure adequate housing options for all residents.
