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Cutler Bay's LIHTC-Funded Affordable Housing: A Recent Addition to Florida's Housing Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Cutler Bay, Florida, a town with a population of 47,193 as of 2022, possesses a unique affordable housing inventory funded by the Low-Income Housing Tax Credit (LIHTC) program. The suburban community has one LIHTC-funded project, providing 121 affordable housing units. This project represents approximately 0.67% of the city's estimated 18,082 housing units.
The town has received $861,120 in project tax credits from the LIHTC program for affordable housing. This amount equates to an average federal funding of $861,120 per project and $7,117 per unit. Cutler Bay's share of the total state LIHTC funding is 0.13%, indicating a relatively small portion of Florida's overall affordable housing investment.
The sole LIHTC-funded project in Cutler Bay is Calusa Cove, completed in 2019. This development suggests that affordable housing through the LIHTC program is a recent addition to the town's housing landscape. Calusa Cove consists of 121 total units, with 85 two-bedroom units and 36 three-bedroom units, indicating a focus on accommodating families or households requiring multiple bedrooms.
Cutler Bay has experienced moderate population growth over the past decade, increasing from 40,012 in 2010 to 47,193 in 2022. The median income has fluctuated, reaching $80,909 in 2019 before decreasing to $75,316 in 2022. This recent decline in median income could potentially indicate an increased need for affordable housing options.
The racial composition of Cutler Bay has shifted significantly over the last decade. The Hispanic population has grown from 51% in 2013 to 64% in 2022, while the white population has decreased from 30% to 21% during the same period. The black population has remained relatively stable, decreasing slightly from 14% to 9%. These demographic shifts may influence the demand for diverse and affordable housing options in the community.
Cutler Bay's LIHTC-funded affordable housing inventory, while limited to one project, represents a recent investment in addressing affordable housing needs. The Calusa Cove development, completed in 2019, provides 121 units, primarily consisting of two and three-bedroom apartments. This project accounts for a small percentage of the town's estimated housing inventory.
The town's changing demographics, including population growth and shifts in racial composition, coupled with recent fluctuations in median income, suggest an evolving landscape that may impact future affordable housing needs. The LIHTC program has made a contribution to Cutler Bay's affordable housing stock, representing one component of the broader affordable housing situation in this Florida town.
