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Affordable Housing Dynamics in Little Rock's 65th St. West: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The 65th St. West neighborhood in Little Rock, Arkansas, contains a significant number of affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. There are 112 affordable units in the neighborhood, all of which are designated as low-income. These units comprise approximately 6.05% of the neighborhood's housing stock, based on an estimated housing inventory of 1,851 units for the 2022 population.
The LIHTC program has invested $109,664 in tax credits for affordable housing projects in this neighborhood. This investment equates to an average federal funding of $979 per unit. The Old Oaks Apartments, completed in 2004, is the sole LIHTC-funded project in the area, indicating the presence of affordable housing in the neighborhood for nearly two decades.
The Old Oaks Apartments project consists of 112 units with a diverse mix of unit sizes. The project includes 32 one-bedroom units, 72 two-bedroom units, and 8 three-bedroom units. This distribution suggests an emphasis on accommodating various household sizes, particularly small to medium-sized families.
The 65th St. West neighborhood has experienced significant demographic changes over the past decade. The population has increased from 3,136 in 2013 to 4,832 in 2022, representing a 54% growth. Despite this population increase, the median income has remained relatively stable, ranging from $37,675 in 2013 to $37,957 in 2022.
The racial composition of the neighborhood has also changed. The Black population decreased from 56% in 2013 to 58% in 2022, while the Hispanic population increased from 9% to 31% during the same period. The White population decreased from 34% to 10%. These demographic shifts, particularly the stable median income and increasing Hispanic population, may indicate an ongoing need for affordable housing in the neighborhood.
The 65th St. West neighborhood in Little Rock has one LIHTC-funded affordable housing project, Old Oaks Apartments, providing 112 low-income units. This project accounts for approximately 6.05% of the estimated housing inventory. The neighborhood has experienced significant population growth and demographic changes over the past decade, with a stable median income and an increasing Hispanic population. These factors suggest that while the existing LIHTC project contributes to the area's affordable housing needs, there may be potential for additional affordable housing development to meet the evolving needs of the community.
