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Affordable Housing in Zip Code 33190: LIHTC Funding and Demographic Shifts in Cutler Bay, 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
The zip code 33190 in Cutler Bay, Florida, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This area has 947 total units in LIHTC funded projects, with 748 of these designated as low-income units. The estimated housing inventory of 5,296 units in this zip code indicates that LIHTC funded affordable housing comprises approximately 17.9% of the housing stock. This percentage aligns with the target for affordable housing in a balanced community.
LIHTC projects in zip code 33190 have received $1,158,584 in project tax credits, averaging about $1,223 per unit in federal funding. This zip code accounts for 0.17% of Florida's total LIHTC funding, representing a modest contribution to the state's affordable housing efforts. Affordable housing has been present in this zip code since 2002, when the Sunset Bay project was completed. The most recent project with available data is Hainlin Mills, completed in 2012, indicating a decade of affordable housing development. The majority of affordable housing projects, four out of five, were completed during the 2000s.
The LIHTC funded projects in zip code 33190 offer a range of unit types to accommodate various household sizes and needs. There are 153 one-bedroom units, 271 two-bedroom units, 322 three-bedroom units, and 32 four-bedroom units.
Zip code 33190 has experienced significant population growth over the past decade, increasing from 9,966 in 2013 to 13,822 in 2022. This growth may have contributed to the demand for affordable housing options. The median income has remained relatively stable, ranging from $68,525 to $75,672 during this period.
The racial demographics in zip code 33190 have shifted notably. The Hispanic population increased from 55% in 2013 to 68% in 2022, while the Black population decreased from 23% to 10%, and the White population changed from 17% to 19%. These demographic shifts may influence the types of affordable housing needed and the communities served by LIHTC projects.
Zip code 33190 in Cutler Bay, Florida, demonstrates a substantial commitment to affordable housing through its LIHTC funded projects. With 947 total units, including 748 low-income units, the area meets the target percentage for affordable housing stock. The diverse unit types cater to various household sizes, reflecting the community's needs. The development of these projects over a decade, coupled with significant population growth and demographic shifts, underscores the ongoing importance of affordable housing in this area. It is important to note that other housing programs may also contribute to meeting the community's affordable housing needs.
