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Affordable Housing Dynamics in Park Village: 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
Park Village, a neighborhood in San Antonio, Texas, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 353 affordable units, all categorized as low-income units. Based on the 2022 population of 3,583 and an estimated 1,373 housing units, LIHTC funded affordable housing comprises approximately 25.7% of the neighborhood's estimated housing inventory. This proportion indicates that LIHTC projects are integral to providing affordable housing options for the community.
The LIHTC program has contributed $582,138 in tax credits to Park Village's affordable housing projects. This translates to an average federal funding of approximately $1,650 per unit across the 353 total units. The neighborhood has benefited from LIHTC funded housing for over three decades, with the first project, Springhill Apts, completed in 1987, and the most recent, Midcrowne Senior Pavilion, finished in 2007.
The 2000s marked the most active period in LIHTC funded housing development, with two projects completed during this decade: The Villas At Costa Biscaya Apts in 2005 and Midcrowne Senior Pavilion in 2007. These projects significantly expanded the affordable housing options in Park Village. The LIHTC funded housing inventory in Park Village includes a mix of unit types, consisting of 66 one-bedroom units, 138 two-bedroom units, and 25 three-bedroom units. This diverse range of unit sizes can accommodate various household compositions, from individuals to families.
Park Village has experienced fluctuations in its population over the past decade, with the most recent trend showing a slight decrease from 3,658 in 2020 to 3,583 in 2022. The median income has also fluctuated, reaching $29,257 in 2021 before decreasing to $25,522 in 2022. These income levels indicate a continued need for affordable housing options in the neighborhood.
The racial composition of Park Village has evolved over the last decade. The Hispanic population, which constituted the majority at 57% in 2017, has decreased to 42% in 2022. Conversely, the White population has increased from 14% to 27% during the same period. The Black population has remained relatively stable, ranging from 22% to 26% in recent years. This demographic shift may influence future affordable housing needs and strategies in the neighborhood.
Park Village's LIHTC funded affordable housing inventory plays a significant role in the neighborhood's housing landscape, covering over a quarter of the estimated housing units. The area has benefited from LIHTC investments for more than 30 years, with the most active period of development occurring in the 2000s. The diverse mix of unit types suggests an effort to accommodate various household sizes and needs. While there have been no new LIHTC projects in the last decade, the fluctuating median income and evolving demographic composition indicate an ongoing need for affordable housing options in Park Village.
