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Affordable Housing in Blacksburg: LIHTC Impact on a Small South Carolina Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Blacksburg, a town in South Carolina, possesses a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The town has 96 total units in LIHTC funded projects, with 60 of these designated as low-income units. Based on the estimated 2,069 housing units in Blacksburg, the LIHTC funded affordable housing comprises approximately 4.6% of the town's housing inventory.
Blacksburg has received $289,849 in project tax credits from the LIHTC program. With three approximate projects, this averages to about $96,616 per project. The average federal funding per unit is $3,019. Blacksburg holds 0.07% of South Carolina's total LIHTC funding.
The first LIHTC project in Blacksburg, Chestnut Hills Apartments, was completed in 2001, while the most recent, Blacksburg Terrace Apartments, was finished in 2016. This 15-year span indicates a sustained commitment to affordable housing in the town. The 2000s saw the most affordable housing development, with two projects completed during this decade.
The LIHTC funded housing in Blacksburg offers a range of unit types. There are 38 one-bedroom units, 44 two-bedroom units, and 14 three-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Over the past decade, Blacksburg's population has fluctuated, peaking at 6,066 in 2013 and settling at 5,401 in 2022. The median income has shown variability, ranging from a low of $27,357 in 2018 to a high of $35,626 in 2021. As of 2022, it stood at $30,864.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 86% in 2014 to 79% in 2022. The Black population has remained steady at around 11-15% during this period. There has been a small increase in the Hispanic population, from 0% in 2014 to 5% in 2022.
The completion of Blacksburg Terrace Apartments in 2016 aligns with a period of population decline and income fluctuation, suggesting a potential response to changing economic conditions in the town.
Blacksburg's LIHTC funded affordable housing inventory, while modest in scale, provides housing options for low-income residents. The town has consistently invested in affordable housing over a 15-year period, with projects tailored to various household sizes. Despite population fluctuations and income variability, Blacksburg has maintained its commitment to affordable housing, as evidenced by the most recent project in 2016. The racial demographic shifts, particularly the increase in Hispanic population, may influence future affordable housing needs and planning in the town.
