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Affordable Housing in Austin's Chestnut Neighborhood: LIHTC's Early Impact
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 Chestnut neighborhood in Austin, Texas, contains a small number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The neighborhood has 6 LIHTC units, all of which are designated as low-income. These units represent approximately 0.58% of the estimated 1,029 housing units in the neighborhood, based on the 2022 population of 2,685 and the national average household size.
The LIHTC funded projects in Chestnut were developed between 1988 and 1989. Four projects were completed in 1988 and two in 1989. The first project, "1702 Walnut Ave," and the last project, "2608 E 14Th St," bookend this period of affordable housing development. The 1980s were the most active decade for LIHTC funded affordable housing in Chestnut.
The unit size distribution of LIHTC housing in Chestnut includes one two-bedroom unit and five three-bedroom units. This distribution suggests a focus on family-oriented affordable housing. The emphasis on larger units indicates an intention to accommodate families within the affordable housing inventory.
Chestnut has undergone significant demographic changes over the past decade. The population increased from 1,735 in 2013 to 2,685 in 2022, a growth of approximately 55%. Median income in the neighborhood has fluctuated, reaching a peak of $100,848 in 2017 before decreasing to $79,696 in 2022. The overall increase in median income may partially explain the absence of new LIHTC projects in recent years.
The racial composition of Chestnut has also changed. The percentage of white residents increased from 47% in 2013 to 52% in 2022. The Hispanic population decreased from 30% to 19% during the same period. The Black population increased from 17% to 20%, and the Asian population grew from 2% to 5%. These demographic shifts reflect a changing neighborhood composition, which may influence future affordable housing needs.
The LIHTC funded affordable housing inventory in Chestnut, while limited in size, represents an early adoption of the program in the late 1980s. The focus on larger units indicates a historical emphasis on family-oriented affordable housing. Despite significant population growth and income fluctuations over the past decade, no new LIHTC projects have been developed. This analysis provides an overview of LIHTC's contribution to affordable housing in Chestnut. However, it is important to note that other affordable housing programs may also be present in the area, contributing to the overall affordable housing landscape.
