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Affordable Housing Dynamics in Mount Vernon, Georgia: LIHTC Program 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
Mount Vernon, Georgia, maintains a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The LIHTC program has contributed 47 affordable housing units to the city, all of which are categorized as low-income units. Given the estimated 907 housing units in Mount Vernon, LIHTC-funded affordable housing represents approximately 5.2% of the city's housing stock.
The LIHTC program has allocated $70,776 in project tax credits to Mount Vernon. With approximately three projects, this equates to an average federal funding of $23,592 per project. The average federal funding per unit is $1,506. Mount Vernon's share of the total state LIHTC funding is 0.02%.
The city's LIHTC-funded affordable housing developments span from 1990 to 2019. Pecan Pointe was the first project, while Pecan Point is the most recent. The 1990s witnessed the highest number of affordable housing project completions, with two out of the three projects constructed during this decade.
The LIHTC-funded housing in Mount Vernon primarily consists of two-bedroom units (1) and one-bedroom units (2). This distribution indicates a focus on accommodating smaller households or families.
Mount Vernon's population has fluctuated over the past decade, reaching a peak of 2,668 in 2019 before declining to 2,367 in 2022. The median income has demonstrated an overall upward trend, rising from $29,549 in 2013 to $40,898 in 2022. This increase in median income may suggest a changing economic landscape in the city.
The racial demographics of Mount Vernon have remained relatively stable over the past decade. The Black population has consistently comprised around 40-44% of the total, while the White population has ranged between 47-52%. The Hispanic population has experienced a slight decrease from 8% in 2013 to 1% in 2022, and the Asian population has remained steady at approximately 1%.
The most recent LIHTC project, Pecan Point, was completed in 2019, coinciding with the city's peak population. This timing suggests a response to the increased housing demand during that period.
Mount Vernon's LIHTC-funded affordable housing inventory, although limited, represents a significant component of the city's housing landscape. The program has provided 47 low-income units across three projects over nearly three decades. The city's demographic trends, including a fluctuating population and rising median income, provide context for the LIHTC developments. While the LIHTC-funded units cover only a small percentage of the city's estimated housing inventory, they play a vital role in providing affordable housing options for low-income residents in Mount Vernon.
