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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Sweet Auburn, a historic neighborhood in Atlanta, Georgia, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The neighborhood contains 302 total units in LIHTC-funded projects, with 152 designated as low-income units. Based on the 2022 population of 3,822 and an estimated 1,464 housing units, LIHTC-funded affordable housing comprises approximately 20.6% of the neighborhood's estimated housing inventory. This percentage aligns with the target range for a well-balanced community's affordable housing stock.
The LIHTC program has invested $1,582,852 in tax credits for affordable housing projects in Sweet Auburn. This investment translates to an average federal funding of approximately $5,241 per unit across all LIHTC-funded projects in the neighborhood. Affordable housing has been a long-standing feature of Sweet Auburn, with the earliest LIHTC projects completed in 1993 and the most recent in 2013, indicating a 20-year span of LIHTC development in the area.
The 2010s saw the most affordable housing activity, with several notable projects completed. The LIHTC-funded housing stock in Sweet Auburn comprises a mix of unit types, with 54 one-bedroom units, 82 two-bedroom units, and 14 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized households.
Over the past decade, Sweet Auburn has experienced significant population growth, increasing from 2,562 in 2013 to 3,822 in 2022. This 49% population increase coincides with the completion of several LIHTC projects, suggesting that affordable housing development may have contributed to the neighborhood's growth. The median income in Sweet Auburn has also seen a notable rise, from $28,173 in 2013 to $42,298 in 2022, representing a 50% increase. This income growth might indicate improving economic conditions for residents, potentially influenced by the stability provided by affordable housing options.
Racial demographics have remained relatively stable, with a slight increase in the Black population from 54% in 2013 to 59% in 2022, while the White population decreased from 34% to 27% over the same period. The Asian population has seen a small increase from 5% to 7%. These changes suggest that the LIHTC projects may have helped maintain racial diversity in the neighborhood while accommodating population growth.
Sweet Auburn's LIHTC-funded affordable housing inventory plays a significant role in the neighborhood's housing landscape, covering about 20.6% of the estimated housing stock. The long-term presence of LIHTC projects, spanning from 1993 to 2013, has likely contributed to the neighborhood's stability and growth. The diverse mix of unit types caters to various household sizes, supporting a range of community needs. The correlation between LIHTC development, population growth, and increasing median income suggests that affordable housing has been an integral part of Sweet Auburn's development over the past decade, potentially contributing to improved economic conditions while maintaining racial diversity.