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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Carver neighborhood in Waco, Texas, features a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 244 units in LIHTC-funded projects, with 229 designated as low-income units. Based on the 2022 population of 8,223 and using the national average household size, the estimated housing inventory is approximately 3,151 units. LIHTC-funded affordable housing units represent about 7.7% of this estimated inventory, indicating a substantial contribution to the neighborhood's affordable housing stock.
LIHTC-funded affordable housing development in the Carver neighborhood occurred between 1999 and 2008. The first project, Brazos Village Apartments, was completed in 1999, while the most recent, River Park Apartment Homes, was finished in 2008. This nine-year period marks the presence of affordable housing initiatives in the area.
The 2000s were particularly active for affordable housing development in Carver, with three out of four projects completed during this decade. Notable projects include The Landing (2003) and Dripping Springs Senior Village (2005). The inventory of LIHTC-funded units in Carver is diverse, comprising 64 one-bedroom, 42 two-bedroom, 44 three-bedroom, and 4 four-bedroom units. This variety suggests an effort to accommodate different household sizes and needs within the affordable housing stock.
Over the past decade, Carver's population has remained relatively stable, fluctuating between approximately 7,900 and 8,800 residents. The median income has shown an overall increasing trend, rising from $21,372 in 2013 to $28,078 in 2022, despite some fluctuations. The racial composition of Carver has remained relatively consistent, with the Black population representing the majority at around 55-64% throughout the decade. The Hispanic population has ranged from 14% to 27%, while the White population has generally been between 14% and 20%.
The stability in population and gradual increase in median income, coupled with the consistent racial composition, suggest a neighborhood that has maintained its character while experiencing some economic improvement. This demographic stability may have influenced the lack of new LIHTC projects in the past decade, as the existing affordable housing stock may have been sufficient to meet the neighborhood's needs.
The Carver neighborhood in Waco, Texas, has a significant LIHTC-funded affordable housing presence, with 244 total units representing about 7.7% of the estimated housing inventory. The development of these projects occurred primarily in the 2000s, providing a range of unit sizes to accommodate diverse household needs. While no new LIHTC projects have been built in the last decade, the neighborhood has experienced relative stability in population and racial composition, along with a gradual increase in median income. This analysis highlights the important role LIHTC-funded housing plays in Carver's affordable housing landscape and reflects the neighborhood's demographic trends over time.