Loading Content...
Affordable Housing in Zip Code 33596: Analysis of Laburnum Gardens LIHTC Project in Valrico, Florida
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 33596, located in Valrico, Florida, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, known as Laburnum Gardens, provides 81 affordable units. The estimated housing inventory in the zip code is 11,560 units, indicating that LIHTC funded affordable housing comprises approximately 0.7% of the total housing stock.
The LIHTC project in zip code 33596 received $1,420,000 in tax credits, averaging $17,531 per unit. This funding represents 0.21% of Florida's total LIHTC allocation. Laburnum Gardens, completed in 2019, consists of 42 one-bedroom and 39 two-bedroom apartments. The project does not specify a target population, suggesting it may serve various low-income residents.
The population in zip code 33596 has increased from 28,737 in 2012 to 30,172 in 2022. The median income has risen from $97,359 in 2013 to $106,412 in 2022, indicating improved economic conditions for residents. The racial composition has shown minor changes, with the white population decreasing from 74% in 2013 to 69% in 2022, while the Hispanic population increased from 12% to 17%, and the black population from 6% to 8%.
The introduction of the LIHTC project in 2019 coincides with population growth and increasing median income in the area. This suggests that despite overall economic improvement, there remains a recognized need for affordable housing options to support lower-income residents.
Zip code 33596 in Valrico, Florida, features a single LIHTC funded affordable housing project, Laburnum Gardens, completed in 2019. This development provides 81 affordable units, representing a small portion of the estimated housing inventory in the area. The project received substantial federal funding, averaging $17,531 per unit.
The zip code has experienced population growth and rising median incomes over the past decade. The introduction of this LIHTC project indicates an effort to maintain affordable housing options in an increasingly prosperous area. The demographic shifts, including a slight increase in minority populations, may have influenced the decision to invest in affordable housing in this zip code.
