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Miami, Oklahoma: LIHTC-Funded Affordable Housing and Route 66 Connections
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Miami, Oklahoma, a city with Route 66 connections, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 66 units. These units constitute approximately 1.15% of the city's estimated 5,754 housing units. The LIHTC program has provided $750,953 in project tax credits to Miami, averaging $375,476.50 per project and $11,378.08 per unit. This funding represents 0.22% of Oklahoma's total LIHTC allocation.
Miami's LIHTC-funded housing projects span from 2011 to 2017, with Neosho Ridge and Route 66 Landing being notable developments. The 2010s saw the most affordable housing project completions in the city. The LIHTC inventory in Miami consists of 4 one-bedroom units, 2 two-bedroom units, and 42 three-bedroom units, indicating a focus on family-sized accommodations.
Miami's population decreased from 15,946 in 2010 to 15,018 in 2022. Despite this decline, the median income increased from $37,383 in 2013 to $41,004 in 2022, suggesting improved economic conditions for some residents. The racial composition of Miami remained relatively stable, with a slight decrease in the white population from 67% in 2013 to 63% in 2022, and an increase in the Native American population from 15% to 18% during the same period.
The construction of Route 66 Landing in 2017 coincided with a period of relative economic stability in Miami, as evidenced by the gradual increase in median income. This project may have been a response to the ongoing need for affordable housing despite modest economic improvements.
Miami's LIHTC-funded affordable housing inventory plays a crucial role in addressing the city's housing needs, despite its modest size. The emphasis on three-bedroom units suggests a focus on accommodating families. The city's demographic trends, including a slight population decline and increasing median income, provide context for the timing and scale of LIHTC projects. The growing Native American population may indicate a need for specialized housing considerations in future affordable housing initiatives.
While the current LIHTC inventory covers a small percentage of Miami's estimated housing stock, it represents an important step in addressing affordable housing needs in the city. The allocation of LIHTC funding and the development of projects like Neosho Ridge and Route 66 Landing demonstrate ongoing efforts to provide affordable housing options to Miami's residents, particularly in light of changing demographic and economic conditions.
