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Affordable Housing Dominates St. Louis Place: A Study of LIHTC Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
St. Louis Place, a neighborhood in St. Louis, Missouri, exhibits a high concentration of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 572 total units in LIHTC-funded projects, with 525 designated as low-income units. Based on the 2022 population of 1,538 and the national average household size of 2.61, the estimated housing units in the neighborhood are approximately 589. This suggests that LIHTC-funded affordable housing comprises about 97% of the estimated housing inventory, indicating a substantial contribution to the neighborhood's housing stock.
The LIHTC program has invested $2,044,274 in tax credits for affordable housing projects in St. Louis Place. This equates to an average federal funding of approximately $3,573 per unit across all LIHTC-funded projects in the neighborhood.
Affordable housing has been a consistent feature of St. Louis Place since 1990, with the completion of Rauschenbach Place. The most recent project, Loretta Hall Townhomes, was finished in 2016. This 26-year span demonstrates a sustained commitment to affordable housing in the area.
The 2000s witnessed the most LIHTC project completions, including notable developments such as Vaughn Residences @ Murphy Park Phase III (2003), 5th Ward Elderly East and West (both in 2006), and St. Louis Brewery Apts and Murphy Blair Rehab III (both in 2007).
The LIHTC-funded housing stock in St. Louis Place is diverse, comprising 3 efficiencies, 249 one-bedroom units, 137 two-bedroom units, 144 three-bedroom units, and 12 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
St. Louis Place has experienced a significant population decline over the past decade, from 2,715 residents in 2014 to 1,538 in 2022. Despite this decrease, the median income has increased from $14,611 in 2014 to $23,706 in 2022, indicating an improvement in economic conditions for remaining residents.
The racial composition of the neighborhood has remained relatively stable, with a slight decrease in the Black population from 91% in 2014 to 87% in 2022, and a small increase in the White population from 7% to 10% over the same period.
The most recent LIHTC project, Loretta Hall Townhomes, was completed in 2016, coinciding with a period of population decline but rising median incomes. This suggests that while the overall population decreased, there remained a need for affordable housing among the existing residents.
St. Louis Place presents a unique case where LIHTC-funded affordable housing comprises a substantial portion of the neighborhood's estimated housing stock. The area has seen consistent investment in affordable housing over nearly three decades, with a diverse range of unit types to accommodate various household sizes. Despite a declining population, rising median incomes, and a relatively stable racial composition, the continued presence of LIHTC projects indicates an ongoing commitment to maintaining affordable housing options in the neighborhood. This extensive affordable housing inventory likely plays a crucial role in supporting the community's low-income residents amidst changing demographic trends.
