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Affordable Housing in ZIP Code 32224: LIHTC Projects in Jacksonville, Florida
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
ZIP code 32224 in Jacksonville, Florida, contains a diverse inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area has 386 total units in LIHTC-funded projects, with 190 designated as low-income units. Based on the 2022 population of 41,489 and an estimated 15,896 housing units, LIHTC-funded affordable housing comprises approximately 2.4% of the zip code's estimated housing inventory.
The LIHTC program has allocated $1,142,747 in tax credits to projects in this zip code, averaging about $2,960 per unit across all LIHTC-funded units. This funding represents 0.17% of Florida's total LIHTC allocation, indicating a modest but notable investment in affordable housing for this area.
Affordable housing has been present in this zip code since 1998, with the most recent project completed in 2016. The 1990s and 2010s each saw one LIHTC project completed, demonstrating a consistent, albeit limited, commitment to affordable housing over nearly two decades.
The LIHTC-funded projects in ZIP code 32224 offer a diverse range of unit types. There are 5 efficiencies, 176 one-bedroom units, 136 two-bedroom units, 8 three-bedroom units, and 16 four-bedroom units. This variety caters to different household sizes and needs within the community.
Over the past decade, ZIP code 32224 has experienced significant population growth, increasing from 35,326 in 2013 to 41,489 in 2022. This 17.4% growth may have contributed to the need for additional affordable housing, as reflected in the 2016 LIHTC project completion.
Median income in the area has also risen, from $74,416 in 2013 to $83,700 in 2022, representing a 12.5% increase. Despite this growth, the continued presence of LIHTC projects suggests an ongoing need for affordable housing options.
Racial demographics have shifted slightly, with the white population decreasing from 77% in 2013 to 67% in 2022. Conversely, the Hispanic population has grown from 7% to 14%, and the Black population from 7% to 9% during the same period. This increasing diversity may influence the demand for varied affordable housing options.
ZIP code 32224 in Jacksonville, Florida, demonstrates a modest but consistent commitment to affordable housing through LIHTC-funded projects. With 386 total units, including 190 low-income units, these projects play a role in addressing affordable housing needs in a growing and increasingly diverse community. While the LIHTC-funded units represent a small portion of the estimated housing inventory, they provide essential housing options for lower-income residents in an area experiencing population growth and rising median incomes.
