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Affordable Housing Inventory Analysis in North Miami: LIHTC Projects and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
North Miami, located in Florida, possesses a unique Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 616 affordable housing units, all of which are designated as low-income units. This inventory is distributed across 2 LIHTC funded projects. Based on the city's 2022 population of 63,431 and using the national average household size, the estimated housing inventory is approximately 24,303 units. The LIHTC funded affordable housing units represent about 2.53% of the estimated total housing stock in North Miami.
The LIHTC program has been contributing to affordable housing in North Miami since 1993. The first project, Gator Apts, was completed in 1993, while the most recent project, Center Court, was finished in 1998. This indicates that LIHTC funded affordable housing has been present in the city for at least 25 years. The 1990s saw the most LIHTC activity in North Miami, with both projects being completed during this decade. Center Court is the larger of the two projects, providing 588 units, while Gator Apts contributes 28 units.
The inventory of LIHTC funded affordable housing in North Miami includes a diverse range of unit types. There are 52 efficiencies, 301 one-bedroom units, 211 two-bedroom units, and 24 three-bedroom units. This distribution suggests a focus on smaller households, with the majority of units being one or two bedrooms.
Over the past decade, North Miami's population has remained relatively stable, with minor fluctuations. The median income has shown a gradual increase, rising from $42,627 in 2013 to $51,108 in 2022. Regarding racial demographics, the city has seen a slight decrease in the Black population from 58% in 2013 to 55% in 2022, while the Hispanic population has increased from 28% to 33% during the same period. The White population has decreased slightly from 12% to 9%.
It is notable that no new LIHTC projects have been built in North Miami in the last decade. This could be due to various factors, including changes in housing needs, funding priorities, or other housing initiatives not captured in this data.
North Miami's LIHTC funded affordable housing inventory consists of 616 units across 2 projects, all completed in the 1990s. These units represent about 2.53% of the estimated total housing stock. The inventory primarily consists of one and two-bedroom units, suggesting a focus on smaller households. While the city's population has remained relatively stable over the past decade, there have been slight shifts in racial demographics and a gradual increase in median income. The lack of new LIHTC projects in recent years could be due to various factors and may not necessarily indicate a lack of affordable housing needs.
