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Affordable Housing in Atlanta's Old Fourth Ward: 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
The Old Fourth Ward neighborhood in Atlanta, Georgia, contains a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This historic area, birthplace of Dr. Martin Luther King Jr., has 175 total units in LIHTC-funded projects, with 174 designated as low-income units. The LIHTC-funded affordable housing represents approximately 3% of the neighborhood's estimated 5,757 housing units.
The LIHTC program has invested $2,445,435 in tax credits for affordable housing projects in the Old Fourth Ward. This equates to an average federal funding of $13,974 per unit. LIHTC-funded affordable housing has been present in the neighborhood since at least 1999, with the completion of the Irwin Street Apartments/Henderson Place/Pri project. The most recent project with a known completion date is City Lights Seniors, finished in 2016, indicating at least 17 years of LIHTC presence in the area.
The 1990s and 2010s were the decades with the most affordable housing project completions in the Old Fourth Ward. The inventory includes 44 efficiency units and 14 two-bedroom units, though data for other unit sizes is unavailable.
Over the past decade, the Old Fourth Ward has undergone significant demographic changes. The population increased from 10,994 in 2013 to 15,026 in 2022, a 36.7% growth. Median income rose from $52,346 in 2013 to $75,652 in 2022, a 44.5% increase.
Racial demographics have shifted notably. The Black population decreased from 49% in 2013 to 36% in 2022, while the White population increased from 38% to 50% during the same period. The Asian population remained relatively stable, fluctuating between 4-7% over the decade.
Despite the absence of new LIHTC projects in recent years, the demographic data indicates a rapidly changing neighborhood with increasing income levels and shifting racial composition. This suggests a growing need for affordable housing options to maintain diversity and prevent displacement of long-term residents.
The Old Fourth Ward neighborhood has a modest LIHTC-funded affordable housing inventory, covering about 3% of its estimated housing stock. The LIHTC program has invested significantly in the area, with an average of $13,974 per unit. While the neighborhood has had LIHTC projects since at least 1999, recent years have seen substantial demographic changes, including population growth, rising incomes, and shifts in racial composition. These trends underscore the ongoing importance of affordable housing initiatives in maintaining community diversity and addressing potential displacement concerns in this historically significant Atlanta neighborhood.
