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Oviedo, Florida: Analyzing LIHTC-Funded Affordable Housing in a Growing Suburban City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Oviedo, Florida, has a population of 51,062 as of 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 330 total units, with 312 designated as low-income units. Based on the estimated housing inventory of 19,564 units, the LIHTC-funded affordable housing represents approximately 1.69% of the city's housing stock.
Oviedo has received $1,574,268 in project tax credits from the LIHTC program. With approximately 5 projects, this translates to an average federal funding of $314,854 per project and $4,770 per unit. The city holds 0.23% of Florida's total LIHTC funding, indicating a relatively small share of the state's affordable housing resources.
The LIHTC-funded affordable housing in Oviedo spans from 2008 to 2011, representing a short period of development. The projects include Oviedo Town Centre I, II, III, and IV, all completed in 2008, and Covington Club, completed in 2011. The late 2000s saw the most affordable housing activity in the city.
The LIHTC-funded housing stock in Oviedo includes a mix of unit types, with 37 one-bedroom, 45 two-bedroom, 134 three-bedroom, and 32 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes, with a particular emphasis on three-bedroom units.
Over the past decade, Oviedo's population has grown from 45,626 in 2013 to 51,062 in 2022, an increase of about 11.9%. The median income has also risen significantly, from $84,737 in 2013 to $95,421 in 2022, representing a 12.6% increase.
Racial demographics have shifted slightly, with the white population decreasing from 70% in 2013 to 63% in 2022. The Hispanic population has grown from 16% to 22% during the same period. The Asian population has also increased from 5% to 6%, while the Black population has remained relatively stable at 6-7%.
Despite these demographic changes and population growth, there have been no new LIHTC projects since 2011. This could be due to the city's rising median income, which may have reduced the perceived need for additional affordable housing projects.
Oviedo's LIHTC-funded affordable housing stock represents a small portion of the city's total housing inventory. The city experienced a brief period of affordable housing development from 2008 to 2011, resulting in 330 units across 5 projects. While the population has grown and become more diverse over the past decade, there have been no new LIHTC projects since 2011. The rising median income may have influenced the lack of recent affordable housing development. However, other housing programs not covered in this analysis may be addressing affordable housing needs in Oviedo.
