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Affordable Housing in Collierville: A Single LIHTC Project's Impact on a Growing Tennessee 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
Collierville, Tennessee, a town with a population of 52,422 as of 2022, has implemented the Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The program has resulted in 35 low-income units, representing approximately 0.17% of the town's estimated 20,085 housing units. Collierville has received $52,530 in project tax credits through the LIHTC program, accounting for 1% of Tennessee's total LIHTC funding allocation. This translates to an average federal funding of $52,530 per project and $1,501 per unit.
The sole LIHTC-funded project in Collierville is Laurelwood Apartments, completed in 1987. This development has been providing low-income housing options for over three decades. Laurelwood Apartments consists of 35 units, comprising 12 one-bedroom and 23 two-bedroom apartments, indicating a focus on accommodating small families and individuals.
Collierville has experienced steady population growth, increasing from 47,066 in 2013 to 52,422 in 2022. Concurrently, the median income has risen from $118,255 in 2013 to $125,178 in 2022. This increase in median income may suggest a growing need for affordable housing options to maintain economic diversity within the community.
The racial demographics in Collierville have undergone changes over the past decade. The white population has decreased from 76% in 2013 to 69% in 2022, while the Asian population has increased from 6% to 13%. The Black population has remained relatively stable, fluctuating between 10-13% during this period. The Hispanic population has shown a slight increase from 2% to 4%. These shifts in racial composition indicate growing diversity in the town, which may influence future affordable housing needs and planning.
Collierville's LIHTC-funded affordable housing inventory, though limited in scale, has maintained a consistent presence in the town since 1987. The Laurelwood Apartments project provides 35 low-income units, primarily serving small families and individuals. Despite the town's population growth and increasing median income, the percentage of LIHTC-funded affordable housing remains relatively low compared to the estimated housing inventory. The evolving demographic landscape, particularly the increasing diversity and rising median income, may necessitate a reassessment and potential expansion of affordable housing options in Collierville to ensure a balanced and inclusive community.
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