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Affordable Housing Dynamics in Downtown Charlottesville: LIHTC's Significant 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
Downtown Charlottesville, Virginia, demonstrates a substantial commitment to affordable housing through the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood contains 432 total units in LIHTC-funded projects, with 288 designated as low-income units. This quantity surpasses the estimated 336 housing units in the area, indicating LIHTC-funded affordable housing comprises approximately 128.6% of the neighborhood's housing inventory. The LIHTC program has significantly influenced the area's housing landscape.
The LIHTC projects in Downtown Charlottesville have received $1,621,498 in tax credits, averaging about $3,753 in federal funding per unit. This investment reflects a considerable dedication to affordable housing in the area. The implementation of LIHTC projects spans 32 years, from the completion of Rowe Street One in 1988 to the most recent addition, Sunset Creek, in 2020.
The 1990s and 2010s experienced the most affordable housing activity, with notable projects including Courtyard Apts (1991), King Street Commons (1999), Patterson Crossing (2017), and King S Arms (2018). The LIHTC-funded projects offer diverse unit types, including 69 one-bedroom, 254 two-bedroom, and 106 three-bedroom units, accommodating various household sizes and needs within the community.
Downtown Charlottesville's population has fluctuated over the past decade, peaking at 1,019 residents in 2018 and decreasing to 876 in 2022. The median income has shown significant volatility, reaching a low of $40,426 in 2019 before increasing sharply to $80,030 in 2022. This recent income surge may indicate changing economic dynamics in the neighborhood.
Racial demographics have also shifted, with the white population decreasing from 87% in 2020 to 76% in 2022, while the Black population increased from 8% to 18% during the same period. This trend suggests growing diversity in the neighborhood. The completion of recent LIHTC projects such as Patterson Crossing (2017), King S Arms (2018), and Sunset Creek (2020) aligns with periods of population growth and income fluctuations, potentially addressing evolving housing needs in the community.
Downtown Charlottesville's affordable housing landscape has been significantly influenced by LIHTC investments over the past three decades. The program has funded a substantial portion of the neighborhood's housing stock, providing a diverse range of unit types to meet various needs. Recent demographic shifts, including population fluctuations, income volatility, and increasing racial diversity, underscore the ongoing importance of affordable housing initiatives in this dynamic urban area. The continued development of LIHTC projects in recent years demonstrates an ongoing commitment to addressing the evolving housing needs of Downtown Charlottesville's residents.
