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Pinewood: LIHTC Affordable Housing in a Growing Florida Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Pinewood, a small urban area in Florida, has a population of 17,232 as of 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 263 total units, with 119 designated as low-income units. This represents approximately 4% of the city's estimated housing stock of 6,602 units.
The LIHTC program has allocated $999,710 in tax credits for affordable housing projects in Pinewood. With two approximate projects, this equates to an average of $499,855 in federal funding per project. The average federal funding per unit is approximately $3,801. Pinewood's LIHTC funding accounts for 0.15% of the total allocation to Florida.
The earliest known LIHTC project in Pinewood is Alhambra Cove, completed in 2005. This indicates that LIHTC-funded affordable housing has been present in the city for at least 17 years. The 2000s decade saw the most affordable housing project completions based on available data.
Silver Blue Lake is the larger development with 239 total units, including 95 low-income units. Alhambra Cove, with 24 units, has all of its units designated as low-income, demonstrating a focused approach to providing affordable housing.
Pinewood's population has remained relatively stable over the past decade, fluctuating between 15,965 and 17,554 residents. The median income has shown a consistent upward trend, increasing from $28,458 in 2013 to $42,971 in 2022. This rise in median income may indicate a growing need for affordable housing options to support lower-income residents.
The city has maintained a predominantly Black population, though the percentage has slightly decreased from 78% in 2013 to 70% in 2022. Concurrently, the Hispanic population has grown from 18% to 27% during the same period. This demographic shift may influence future affordable housing needs and targeted development strategies.
Pinewood's LIHTC-funded affordable housing inventory plays a role in addressing the city's housing needs. The analysis reveals a consistent presence of affordable housing projects over nearly two decades, with a focus on providing low-income units. As the city's demographics continue to evolve, particularly with rising median incomes and shifts in racial composition, ongoing assessment of affordable housing needs will be crucial to ensure adequate support for the community's diverse population.
