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LIHTC-Funded Affordable Housing in Liberty City: A Three-Decade Investment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Liberty City, a neighborhood in Miami, Florida, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 991 units in LIHTC-funded projects, with 273 designated as low-income units. Based on the 2022 population of 32,622 and using the national average household size, the estimated housing inventory for the neighborhood is approximately 12,499 units. The LIHTC-funded affordable housing comprises about 7.9% of this estimated housing inventory, indicating a substantial contribution to the neighborhood's affordable housing needs.
The LIHTC program has invested significantly in Liberty City, with project tax credits totaling $15,155,071. This translates to an average federal funding of approximately $15,293 per unit across all LIHTC-funded projects in the neighborhood.
The LIHTC-funded affordable housing in Liberty City spans nearly three decades, with the earliest projects completed in 1994 and the most recent in 2019. This demonstrates ongoing investment in affordable housing. The 2010s saw the most significant development of LIHTC-funded affordable housing in Liberty City, with several notable projects completed during this decade.
The LIHTC-funded projects in Liberty City offer a diverse range of unit types. The inventory includes 26 efficiencies, 296 one-bedroom units, 326 two-bedroom units, and 148 three-bedroom units, catering to various household sizes and needs.
Over the past decade, Liberty City has experienced some demographic shifts. The population has remained relatively stable, with a slight increase from 31,612 in 2013 to 32,622 in 2022. Median income has shown a positive trend, rising from $25,355 in 2013 to $32,963 in 2022, suggesting improving economic conditions for residents.
The racial composition of Liberty City has undergone notable changes. The Black population has decreased from 82% in 2013 to 54% in 2022, while the Hispanic population has increased from 15% to 41% during the same period. This demographic shift coincides with the completion of several LIHTC projects, potentially reflecting changing housing needs in the neighborhood.
Liberty City's LIHTC-funded affordable housing inventory represents a significant portion of the neighborhood's estimated housing stock. The consistent development of LIHTC projects over nearly three decades demonstrates ongoing commitment to affordable housing in the area. The diverse range of unit types caters to various household sizes, while the substantial federal investment underscores the importance of the LIHTC program in supporting affordable housing in Liberty City. The neighborhood's changing demographics, including increasing median income and shifting racial composition, may influence future affordable housing needs and developments in the area.
