Loading Content...
Stuart's Affordable Housing: Two Decades of LIHTC Development in Coastal Florida
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Stuart, located in Florida, is a coastal community with 540 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, of which 378 are designated as low-income. This represents approximately 4.6% of the city's estimated 11,858 housing units.
Stuart has received $1,462,049 in LIHTC project tax credits, distributed across three projects. This equates to an average federal funding of $487,350 per project and $2,707 per unit. The city's LIHTC funding accounts for 0.22% of Florida's total allocation.
Affordable housing development in Stuart spans from 1995 to 2014. The 1990s were the most active period, with two projects completed: Ocean Pointe in 1995 and Crossings At Indian Run in 1998. The LIHTC funded projects offer a variety of unit types, including 120 one-bedroom, 208 two-bedroom, and 180 three-bedroom units.
Stuart's population has grown moderately, increasing from 28,470 in 2013 to 30,949 in 2022. The median income has risen from $44,089 in 2013 to $55,126 in 2022, indicating improved economic conditions for residents.
Racial demographics have remained relatively stable. The white population decreased slightly from 77% in 2013 to 71% in 2022, while the Hispanic population increased modestly from 12% to 17%. The black population has remained consistent, ranging between 7-10% over the decade.
Despite demographic shifts and income improvements, no new LIHTC projects have been completed since 2014. This may suggest that other affordable housing initiatives or programs are addressing the city's evolving housing needs.
Stuart's LIHTC funded affordable housing inventory provides important options for low-income residents. The three projects, developed over nearly two decades, offer diverse unit types to accommodate different household sizes. While demographic trends show population growth and increasing median income, the racial composition has remained relatively stable with a slight increase in diversity. The absence of new LIHTC projects in recent years may indicate changing priorities in affordable housing development or the use of alternative programs to address housing needs in the community.
