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Princeton's Affordable Housing Growth Amidst Rapid Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Princeton, Florida, a suburban community in Miami-Dade County, has 835 units in Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects, with 317 designated as low-income units. This represents approximately 5.6% of the city's estimated 14,884 housing units.
The city has received $9,019,734 in project tax credits through the LIHTC program, distributed across approximately 7 projects. This amounts to an average of $1,288,533 per project and $10,802 per unit in federal funding. Princeton's share of 1.33% of the total state LIHTC funding indicates its significant contribution to Florida's affordable housing efforts.
Affordable housing development in Princeton spans from 1997, with the completion of Hardin Hammock Estates, to 2019, when Orchid Estates and Princeton Park were completed. This 22-year period demonstrates a sustained commitment to affordable housing. The 2010s saw the most development activity, with five projects completed during this decade.
The LIHTC-funded projects in Princeton offer diverse unit types, including 131 one-bedroom, 311 two-bedroom, 260 three-bedroom, and 133 four-bedroom units. This distribution accommodates various household sizes and needs within the community.
Princeton experienced significant population growth, increasing from 20,563 in 2010 to 38,846 in 2022. The median income rose from $56,588 in 2013 to $67,553 in 2022, potentially indicating a growing disparity between income levels and housing costs.
The racial composition of Princeton has changed noticeably. The Hispanic population increased from 61% in 2013 to 73% in 2022, while the Black population decreased from 23% to 13%. The White population also decreased slightly from 13% to 10%. These demographic shifts may influence the need for culturally sensitive affordable housing options.
Princeton has made consistent investments in affordable housing through the LIHTC program over the past two decades. The city's LIHTC-funded projects provide diverse unit types for various household sizes. While the current affordable housing stock covers 5.6% of the estimated housing inventory, rapid population growth and changing demographics suggest an ongoing need for affordable housing options. The city's share of state LIHTC funding indicates its commitment to addressing this need, but continued efforts may be necessary to keep pace with the evolving community dynamics.
