Loading Content...
Affordable Housing Impact on Old Town Manchester: LIHTC Developments and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Old Town Manchester, a neighborhood in Richmond, Virginia, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The neighborhood contains 390 total units in LIHTC-funded projects, with 253 designated as low-income units. Based on the 2022 population of 1,887 and using the national average household size, the estimated housing inventory for the neighborhood is approximately 723 units. The LIHTC-funded affordable housing comprises about 54% of the estimated housing inventory, indicating a substantial presence of affordable housing in the area.
The LIHTC program has invested significantly in Old Town Manchester, with project tax credits totaling $2,523,187. This translates to an average federal funding of approximately $6,470 per unit across all LIHTC-funded projects in the neighborhood. The neighborhood has seen LIHTC projects developed over a span of seven years, from 2010 to 2017. The first project, New Manchester Flats Ix, was completed in 2010, while the most recent, Hatcher Tobacco Flats, was finished in 2017. The decade of the 2010s saw the most affordable housing projects completed in Old Town Manchester.
The LIHTC-funded housing stock in the neighborhood is diverse, with a total of 160 one-bedroom units, 160 two-bedroom units, and 29 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, from individuals to small families.
Over the past decade, Old Town Manchester has experienced significant demographic changes alongside its LIHTC developments. The population has grown substantially, from 641 in 2013 to 1,887 in 2022, representing a 194% increase. This population growth coincides with the development of LIHTC projects, suggesting a possible connection between affordable housing availability and neighborhood growth.
Median income in the neighborhood has also seen an upward trend, rising from $33,678 in 2013 to $51,007 in 2022, an increase of about 51%. This growth in median income occurred alongside the introduction of affordable housing, indicating that the LIHTC projects may have contributed to a more economically diverse community.
The racial composition of Old Town Manchester has shifted significantly during this period. The Black population decreased from 73% in 2013 to 37% in 2022, while the White population increased from 19% to 47%. The Hispanic population also grew from 3% to 6%. These changes suggest that the neighborhood has become more racially diverse, potentially influenced by the introduction of LIHTC-funded housing.
Old Town Manchester has seen a significant investment in affordable housing through the LIHTC program, with projects covering more than half of the estimated housing inventory. The neighborhood has experienced rapid population growth, increasing median income, and shifting racial demographics concurrent with LIHTC developments. The diverse unit types in LIHTC projects cater to various household sizes, contributing to the neighborhood's evolving socio-economic landscape. These trends highlight the potential impact of LIHTC-funded affordable housing on neighborhood development and demographic composition.
