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Affordable Housing in Wynwood-Edgewater: LIHTC's Impact on a Changing Miami Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Wynwood-Edgewater neighborhood in Miami, Florida, contains a significant inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 475 units in LIHTC-funded projects, with 376 designated as low-income units. Based on the estimated 9,448 housing units in the neighborhood, LIHTC-funded affordable housing represents approximately 5.02% of the total housing stock.
The LIHTC program has invested $2,230,900 in tax credits for affordable housing projects in this neighborhood. This equates to an average federal funding of about $4,697 per unit across all LIHTC-funded projects. Affordable housing has been part of the Wynwood-Edgewater landscape for over two decades. The first LIHTC project, Pinnacle View, was completed in 2001, while the most recent, Vista Mar, was finished in 2011.
The 2000s were particularly active for affordable housing construction in this neighborhood. Los Suenos, completed in 2007, added 179 low-income units to the area's inventory. The distribution of unit types shows a focus on family-oriented housing, with 154 two-bedroom and 145 three-bedroom units across all projects, complemented by 59 one-bedroom units.
Over the past decade, the Wynwood-Edgewater neighborhood has experienced significant demographic shifts. The population has grown from 19,495 in 2014 to 24,658 in 2022, an increase of over 26%. During this same period, the median income rose from $54,833 to $70,354, reflecting a 28% increase.
Racial demographics have also evolved. The Hispanic population has slightly increased from 62% in 2014 to 65% in 2022, while the Black population decreased from 15% to 7%. The White population remained relatively stable, increasing slightly from 19% to 23%.
These demographic changes, particularly the rise in median income, may partially explain why no new LIHTC projects have been developed in the neighborhood since 2011. However, the significant population growth suggests that there might still be a need for affordable housing options, especially considering the rising income levels which could potentially price out some long-term residents.
The Wynwood-Edgewater neighborhood has a notable presence of LIHTC-funded affordable housing, with projects dating back to 2001. While these projects provide a valuable resource for low-income residents, they represent a relatively small portion of the overall housing stock. The area has seen substantial population growth and income increases over the past decade, which may influence future affordable housing needs and development strategies. The existing LIHTC projects, with their mix of unit sizes, appear to cater primarily to families, reflecting the demographic composition of the neighborhood at the time of their construction.
