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Miramar's LIHTC-Funded Affordable Housing: A Two-Decade Commitment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Miramar, a city in Florida, possesses a diverse Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's total LIHTC-funded affordable housing units amount to 538, with 286 specifically designated as low-income units. Based on the 2022 population of 137,208 and an estimated 52,570 housing units, the LIHTC-funded affordable housing comprises approximately 1.02% of the city's estimated housing inventory.
Miramar has received $1,160,893 in project tax credits from the LIHTC program. With three approximate projects, this translates to an average federal funding of $386,964 per project. Dividing the total tax credits by the 538 total units results in an average federal funding of $2,158 per unit. Miramar holds 0.17% of Florida's total LIHTC funding.
The city's LIHTC-funded affordable housing spans nearly two decades, with the first project, Heron Pointe, completed in 1999, and the most recent, Sorrento At Miramar, finished in 2018. The 2000s saw the most activity in affordable housing development.
Miramar's LIHTC inventory includes a mix of unit types, with 72 one-bedroom, 192 two-bedroom, and 148 three-bedroom units. This distribution suggests a focus on accommodating families of various sizes.
Over the past decade, Miramar's population has shown overall growth, increasing from 122,438 in 2010 to 137,208 in 2022. The median income has also risen significantly, from $55,846 in 2013 to $80,661 in 2022. This economic growth may have influenced the need for affordable housing in the city.
Racial demographics in Miramar have remained relatively stable in recent years. As of 2022, the city's population is 44% Black, 36% Hispanic, 10% White, and 4% Asian. This diversity underscores the importance of inclusive affordable housing options.
Miramar's LIHTC-funded affordable housing inventory, while modest in relation to the city's total housing stock, represents a consistent effort to provide low-income housing options. The city has leveraged federal funding to create a diverse range of units, primarily focusing on one to three-bedroom apartments. With projects spanning from 1999 to 2018, Miramar demonstrates a long-term commitment to affordable housing development. As the city continues to grow and evolve demographically and economically, ongoing assessment of affordable housing needs will be crucial to ensure adequate support for low-income residents.
