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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Central Jonesboro, a neighborhood in Jonesboro, Arkansas, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 70 total units in LIHTC funded projects, with 69 designated as low-income units. Based on the 2022 population of 1,378 and using the national average household size, there are approximately 528 housing units in the neighborhood. LIHTC funded affordable housing comprises about 13.3% of the estimated housing inventory, aligning with target percentages for a balanced community.
The LIHTC program has invested $334,589 in tax credits for affordable housing projects in Central Jonesboro. This equates to an average federal funding of approximately $4,780 per unit. The neighborhood's LIHTC funded affordable housing is represented by a single project, Jonesboro Sunset Gardens, completed in 2013. This project marks the introduction of LIHTC to the neighborhood.
Jonesboro Sunset Gardens offers a mix of unit types, including 16 efficiencies and 54 one-bedroom units. This composition indicates a focus on accommodating smaller households or individuals. The project does not have a specified target population, suggesting it may serve a diverse range of low-income residents.
Following the LIHTC project completion in 2013, it is important to examine subsequent demographic trends. The neighborhood's population has fluctuated, reaching a peak of 1,625 in 2016 before declining to 1,378 in 2022. Median income has shown an overall upward trend, increasing from $25,649 in 2013 to $38,426 in 2022, with some fluctuations in between.
Racial demographics have also changed. The white population percentage increased from 60% in 2013 to 82% in 2022, while the black population decreased from 34% to 12% over the same period. The Hispanic population has remained relatively stable, ranging between 3-5% in recent years. These demographic changes, particularly the increase in median income and shift in racial composition, may reflect broader economic and social changes in the neighborhood following the introduction of the LIHTC project.
Central Jonesboro's affordable housing landscape is significantly influenced by the Jonesboro Sunset Gardens LIHTC project, which provides 70 units of affordable housing. This project, completed in 2013, represents about 13.3% of the estimated housing inventory, aligning closely with recommended targets for affordable housing. The focus on efficiency and one-bedroom units suggests an emphasis on serving smaller households. Since the project's completion, the neighborhood has experienced fluctuations in population, an overall increase in median income, and shifts in racial demographics. These changes underscore the dynamic nature of the neighborhood and the ongoing importance of affordable housing options in meeting community needs.