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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Booker T Washington neighborhood in Monroe, Louisiana, has a population of 7,041 as of 2022. This area features Low-Income Housing Tax Credit (LIHTC) funded affordable housing, with 23 total units, including 22 designated as low-income units. These LIHTC funded units represent approximately 0.85% of the neighborhood's estimated 2,698 housing units.
The LIHTC program has invested $39,089 in tax credits for affordable housing projects in this neighborhood. This investment translates to an average federal funding of about $1,699 per unit. LIHTC funded affordable housing development in the neighborhood occurred from 2007 to 2013, indicating a focused period of affordable housing investment.
The first LIHTC project, Byers II, was completed in 2007, while the most recent project, Byers Estates IV, was finished in 2013. The 2010s saw the most affordable housing development activity in this neighborhood. The housing inventory includes various unit types, with at least two confirmed three-bedroom units, suggesting a focus on accommodating families or larger households within the affordable housing stock.
The neighborhood's population has fluctuated over the last decade, decreasing from 7,671 in 2013 to 7,041 in 2022. The median income has increased significantly, rising from $17,682 in 2013 to $28,431 in 2022, representing a 60.8% increase over this period.
The racial composition of the neighborhood has remained relatively stable, with a predominant African American population. In 2013, the African American population comprised 90% of the total, and this percentage has remained consistently high, reaching 91% in 2022.
The completion of LIHTC projects in 2007 and 2013 aligns with a period when the neighborhood's median income was lower, suggesting a timely response to the need for affordable housing. The subsequent rise in median income could partially explain why no new LIHTC projects have been developed in recent years.
The Booker T Washington neighborhood has a small but focused LIHTC funded affordable housing inventory, developed over a six-year period from 2007 to 2013. These units provide crucial low-income housing options, despite representing a small percentage of the estimated housing stock. The neighborhood has experienced notable income growth over the past decade, which may have influenced the lack of recent LIHTC developments. Despite economic changes, the area maintains a stable demographic composition, with a predominantly African American population.