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Affordable Housing in Tropical Ridge: LIHTC Impact on Neighborhood Demographics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Tropical Ridge, a neighborhood in Lake Worth Beach, Florida, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 147 total units, with 93 designated as low-income units. Based on the 2022 population of 5,520 and using the national average household size of 2.61, the estimated number of housing units in the neighborhood is approximately 2,115. The LIHTC funded affordable housing represents about 7% of the estimated housing inventory, making a substantial contribution to the neighborhood's affordable housing stock.
The LIHTC program has invested $1,369,817 in tax credits for affordable housing projects in Tropical Ridge. This investment translates to an average federal funding of approximately $9,319 per unit. The neighborhood has experienced LIHTC funded affordable housing development over a decade, with the first project, Palm Gardens, completed in 2008, and the most recent, Banyan Court, finished in 2019.
The 2010s witnessed the most affordable housing development activity in Tropical Ridge. Palm Gardens, completed in 2008, offers 62 units with 8 designated as low-income. Banyan Court, finished in 2019, provides 85 units, all of which are low-income. The housing stock primarily consists of two and three-bedroom units, with 76 two-bedroom and 71 three-bedroom units across both projects. This distribution indicates a focus on accommodating families and larger households.
Over the past decade, Tropical Ridge has experienced fluctuations in its population, with a notable increase from 5,183 in 2020 to 5,780 in 2021, before settling at 5,520 in 2022. The median income has shown an overall upward trend, rising from $32,542 in 2013 to $33,559 in 2022, with a peak of $40,618 in 2021.
The racial composition of the neighborhood has shifted significantly. The Hispanic population has grown from 57% in 2013 to 63% in 2022, while the White population decreased from 30% to 22% over the same period. The Black population has fluctuated, starting at 12% in 2013, peaking at 21% in 2015 and 2017, and settling at 15% in 2022.
The completion of Banyan Court in 2019, with all 85 units designated as low-income, aligns with the period of increasing Hispanic population and fluctuating median income, potentially addressing the growing need for affordable housing among this demographic group.
Tropical Ridge's LIHTC funded affordable housing inventory plays a crucial role in addressing the neighborhood's housing needs. With 147 total units, including 93 low-income units, these projects contribute significantly to the estimated housing stock. The investment of over $1.3 million in tax credits demonstrates a substantial commitment to affordable housing in the area. The development of these projects over a decade, from 2008 to 2019, reflects an ongoing effort to meet the evolving housing needs of the community. The focus on two and three-bedroom units suggests an emphasis on accommodating families. The demographic shifts, particularly the growth in the Hispanic population and fluctuations in median income, correlate with the timing of these affordable housing developments, indicating a responsive approach to changing community needs.
