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Affordable Housing and Demographic Shifts in Near NW-Riverside, Indianapolis
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CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Near NW-Riverside, a neighborhood in Indianapolis, Indiana, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood has 87 total units in LIHTC-funded projects, with 85 designated as low-income units. Based on the 2022 population of 9,475 and the national average household size, the estimated housing inventory for the neighborhood is approximately 3,630 units. The LIHTC-funded affordable housing units represent about 2.4% of this estimated housing inventory, indicating that LIHTC housing covers a small portion of the neighborhood's overall housing stock.
The LIHTC projects in Near NW-Riverside have received $432,286 in project tax credits. This equates to an average federal funding of approximately $4,969 per unit when divided by the total units in LIHTC-funded projects. The neighborhood has a history of affordable housing development spanning over two decades, with the earliest project, Sugar Grove, completed in 1987, and the most recent known completion, Museum Park, in 2008.
The 1980s saw the most affordable housing activity, with four projects completed during this decade: Sugar Grove (1987), Eugene Street (1988), and two projects on W 32nd St (both in 1989). The neighborhood's LIHTC-funded housing stock includes a mix of unit types, with 5 efficiencies, 31 one-bedroom units, 2 two-bedroom units, 9 three-bedroom units, and 4 four-bedroom units, catering to various household sizes and needs.
Over the past decade, Near NW-Riverside has experienced demographic shifts. The population has grown from 7,355 in 2013 to 9,475 in 2022, an increase of about 28.8%. The median income has risen from $22,497 in 2013 to $34,463 in 2022, representing a 53.2% increase.
The racial composition of the neighborhood has evolved. The Black population has decreased from 83% in 2013 to 61% in 2022, while the Hispanic population has grown from 3% to 14% during the same period. The White population has increased from 10% to 20%. These shifts suggest a trend towards greater racial diversity in the neighborhood.
No new LIHTC projects have been completed in the neighborhood since 2008. This could be due to various factors, including changes in funding priorities, local development policies, or potentially a reduced need for additional affordable housing units given the rising median income.
Near NW-Riverside's affordable housing landscape is characterized by a modest presence of LIHTC-funded units, representing about 2.4% of the estimated housing inventory. The neighborhood has seen significant demographic changes over the past decade, including population growth, increasing median income, and shifts in racial composition. While no new LIHTC projects have been completed recently, the existing affordable housing stock continues to play a role in the neighborhood's housing mix. The diverse unit types in LIHTC projects suggest an effort to accommodate various household sizes and needs within the affordable housing framework.
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