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Deerfield Beach's LIHTC-Funded Affordable Housing: A Two-Decade Journey
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Deerfield Beach, a city in Florida, has a significant presence of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC inventory comprises 898 total units, with 525 specifically designated as low-income units. Based on the estimated housing inventory of 33,249 units, the LIHTC-funded affordable housing represents approximately 2.7% of the city's housing stock.
Deerfield Beach has received $6,441,030 in project tax credits for affordable housing through the LIHTC program. With 9 approximate projects, this amounts to an average of $715,670 in federal funding per project. When considering the total units, the average federal funding per unit is about $7,173. Deerfield Beach holds 0.95% of the total state LIHTC funding, indicating a significant portion of Florida's affordable housing resources are allocated to this city.
The city's involvement with LIHTC-funded affordable housing spans over two decades, beginning with the Lakes At Deerfield project in 1995 and the most recent projects, Stanley Terrace and Palms Of Deerfield, completed in 2019. The late 2000s experienced a surge in affordable housing development, with three projects (Palms Of Deerfield Beach, Tallman Pines II, and Highland Gardens II) all completed in 2008.
The LIHTC-funded housing in Deerfield Beach offers a diverse range of unit types. Out of the 898 total units, there are 5 efficiencies, 337 one-bedroom units, 360 two-bedroom units, and 196 three-bedroom units, catering to various household sizes and needs.
Over the past decade, Deerfield Beach has experienced steady population growth, increasing from 75,245 in 2010 to 86,781 in 2022. The median income has shown an overall upward trend, rising from $42,090 in 2013 to $65,465 in 2022. This increase in income might indicate a growing need for affordable housing options to maintain economic diversity in the city.
Racial demographics have shown changes between 2017 and 2022. The White population decreased from 45% to 34%, while the Hispanic population increased from 21% to 25%. The Black population slightly decreased from 28% to 20%. These shifts in racial composition might influence the demand for affordable housing in different neighborhoods.
Deerfield Beach's LIHTC-funded affordable housing inventory plays a crucial role in providing low-income housing options for its residents. With 898 total units and 525 low-income units, it covers a small but significant portion of the city's estimated housing stock. The city has leveraged substantial LIHTC funding, receiving over $6.4 million in tax credits. The development of affordable housing has been consistent over the years, with notable activity in the late 2000s. As the city continues to grow and evolve demographically, the need for affordable housing options may persist, making the LIHTC program an important resource for addressing housing affordability in Deerfield Beach.
