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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Bayside, a neighborhood in Virginia Beach, Virginia, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. As of 2022, the area had a population of 42,657 and contained 461 total units in LIHTC-funded projects, with 271 designated as low-income units. Based on an estimated housing inventory of 16,344 units, LIHTC-funded affordable housing comprises approximately 2.8% of the neighborhood's housing stock.
The LIHTC program has invested $3,147,720 in tax credits for affordable housing projects in Bayside. This equates to an average federal funding of about $6,828 per unit across all LIHTC-funded projects in the neighborhood.
Affordable housing has been present in Bayside for nearly three decades. The first LIHTC project, Bayside Road, was completed in 1989, while the most recent addition, Tranquility At The Lakes, was finished in 2017. The 2010s experienced the most activity in affordable housing development, with three projects completed during this decade: Cedar Grove (2014), Crescent Square (2016), and Tranquility At The Lakes (2017).
The LIHTC-funded housing in Bayside offers a range of unit types. Out of the 461 total units, there are 81 efficiencies, 92 one-bedroom units, 96 two-bedroom units, and 67 three-bedroom units. This distribution indicates an effort to accommodate various household sizes and needs within the affordable housing stock.
Over the past decade, Bayside has experienced population growth, increasing from 37,789 in 2013 to 42,657 in 2022. The median income has fluctuated, reaching a peak of $72,373 in 2018 before decreasing to $66,098 in 2022. This trend suggests a potential increase in demand for affordable housing options.
Racial demographics have shown changes, with the white population decreasing from 59% in 2013 to 53% in 2022, while the Black population increased from 23% to 27%. The Hispanic population grew from 7% to 9%, and the Asian population remained stable at approximately 5-6%. These changes indicate growing diversity in the neighborhood, which may influence the need for culturally sensitive affordable housing options.
Bayside's LIHTC-funded affordable housing inventory represents a small but significant portion of its housing stock. The neighborhood has seen consistent development of affordable housing projects over nearly three decades, with the most recent activity occurring in the 2010s. The diverse unit types available cater to various household sizes, reflecting an attempt to meet different community needs. The demographic trends, including population growth and increasing diversity, suggest an ongoing need for affordable housing options in Bayside.