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Affordable Housing Challenges in Spring Hill, Tennessee: A Growing City's LIHTC Initiative
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Spring Hill, Tennessee, a city south of Nashville, has experienced substantial population growth, increasing from 27,740 in 2010 to 52,933 in 2022. The city's affordable housing situation is characterized by a single Low-Income Housing Tax Credit (LIHTC) funded project, providing 32 affordable units. This represents approximately 0.16% of the city's estimated 20,281 housing units, falling short of the 15-20% affordable housing stock typically targeted by well-balanced cities.
Spring Hill has received $1,055,853 in LIHTC project tax credits for affordable housing. This translates to an average federal funding of $1,055,853 per project and $32,995 per unit. The city's share of Tennessee's total LIHTC funding is 0.23%, indicating a relatively small portion of the state's affordable housing resources.
The sole LIHTC-funded project in Spring Hill, Spring Hill Village, was completed in 2020. This project comprises the entire LIHTC-funded affordable housing inventory in the city, consisting of 32 units: 8 one-bedroom and 24 two-bedroom units. This composition suggests a focus on accommodating small families and individuals.
Spring Hill's population increased by 55.6% from 2013 to 2022. The median income fluctuated, peaking at $102,490 in 2018 and decreasing to $89,506 in 2022, though remaining relatively high. The city's racial composition has been stable, with the white population consistently representing around 85% of the total. Minor increases in diversity have occurred, with small growth in Hispanic, Black, and multi-racial populations.
The introduction of LIHTC-funded affordable housing in 2020 coincides with the city's continued population growth and recent decline in median income, suggesting a response to the growing need for affordable housing options in a rapidly expanding community.
Spring Hill's LIHTC-funded affordable housing inventory is limited to one project, Spring Hill Village, completed in 2020. This project provides 32 low-income units, representing 0.16% of the city's estimated housing stock. The city has received over $1 million in tax credits for this project, averaging nearly $33,000 per unit.
Despite significant population growth and a relatively high median income, Spring Hill's recent introduction of LIHTC-funded housing indicates an emerging focus on addressing affordable housing needs. The limited inventory suggests potential opportunities for further development of affordable housing to meet the needs of the city's growing and diversifying population.
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