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Affordable Housing in Zip Code 33908: An Analysis of LIHTC Investment in Iona, Florida
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 33908, located in Iona, Florida, contains 376 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. This zip code covers 45.53 square miles and had a population of 40,901 in 2022. The LIHTC-funded units represent approximately 2.4% of the estimated 15,671 housing units in the area.
The LIHTC program has invested $1,688,643 in project tax credits in this zip code, averaging $4,490 per affordable housing unit. This investment accounts for 0.25% of the total LIHTC funding allocated to Florida. The single LIHTC project in the area, Lago Del Sol, was completed in 1997 and has been providing affordable housing for over two decades.
Lago Del Sol comprises 376 units, including 72 two-bedroom units, 224 three-bedroom units, and 32 four-bedroom units. This distribution indicates a focus on accommodating families and larger households within the affordable housing inventory.
The population of zip code 33908 has grown steadily over the past decade, increasing from 35,039 in 2013 to 40,901 in 2022, representing a growth of approximately 16.7%. This growth may suggest an increasing demand for housing, including affordable options.
Median income in the area has shown an upward trend, rising from $61,901 in 2013 to $66,569 in 2022, an increase of about 7.5% over the decade. This modest increase indicates a continuing need for affordable housing options to support lower-income residents.
The racial composition of the zip code has remained relatively stable. The white population decreased slightly from 90% in 2013 to 87% in 2022, while the Hispanic population increased from 7% to 7-9% during this period. These minor demographic shifts may influence the diverse housing needs of the community.
Zip code 33908 in Iona, Florida, features a single LIHTC-funded affordable housing project, Lago Del Sol, which has served the community since 1997. The 376 low-income units, while representing a small percentage of the estimated housing inventory, provide crucial affordable housing options for the area. The zip code has experienced consistent population growth and modest income increases over the past decade, potentially indicating an ongoing need for affordable housing. The stability in racial composition suggests a relatively consistent demographic profile for the area. Monitoring these trends will be essential for addressing future affordable housing needs in the community.
