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Affordable Housing in Colonial Park: A Three-Decade Commitment to Community Needs
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Colonial Park, a neighborhood in Columbia, South Carolina, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 156 total units in LIHTC funded projects, with 141 of these designated as low-income units. Based on the 2022 population of 2,089 and using the national average household size, the estimated housing inventory for the neighborhood is approximately 800 units. The LIHTC funded affordable housing covers about 19.5% of the estimated housing inventory, which aligns closely with the target percentage for a well-balanced community.
The LIHTC program has invested $1,131,967 in tax credits for affordable housing projects in Colonial Park. This translates to an average federal funding of about $7,256 per unit across all LIHTC funded projects in the neighborhood.
Affordable housing has been a part of Colonial Park's landscape for over three decades. The first LIHTC project, Shaw & Water Street Apts, was completed in 1988, while the most recent addition, Veranda At North Main, was finished in 2019. This 31-year span demonstrates a sustained commitment to affordable housing in the area.
The 2000s saw the most activity in LIHTC project completions, with projects like Grand Street Apts (2007) and Veranda At North Main (2019) being added to the neighborhood's affordable housing inventory.
The LIHTC funded projects in Colonial Park primarily consist of one-bedroom and two-bedroom units, with 54 one-bedroom and 93 two-bedroom units available. This distribution suggests a focus on housing for small families, couples, and single individuals.
Over the past decade, Colonial Park's population has shown a slight decline, decreasing from 2,403 in 2014 to 2,089 in 2022. Despite this population decrease, the median income has seen some fluctuation but overall growth, rising from $20,737 in 2014 to $22,171 in 2022, with a notable spike to $28,429 in 2021.
The racial composition of Colonial Park has remained relatively stable, with the Black population consistently representing the majority at around 87-91% throughout the decade. The White population has maintained a small presence of about 6-7%, while other racial groups have minimal representation.
The completion of the Veranda At North Main project in 2019 coincides with a period of relative population stability and gradual income growth in the neighborhood. This suggests that the addition of affordable housing units was responsive to the ongoing needs of the community.
Colonial Park's LIHTC funded affordable housing inventory plays a significant role in meeting the neighborhood's housing needs. With 156 total units, of which 141 are low-income units, the LIHTC projects cover about 19.5% of the estimated housing stock, aligning well with affordable housing targets. The neighborhood has seen a consistent commitment to affordable housing over three decades, with projects spanning from 1988 to 2019. The focus on one and two-bedroom units suggests an emphasis on housing for smaller households. Despite a slight population decline, the area has experienced some income growth, and the racial composition has remained stable, with the Black population forming the majority. The continued investment in affordable housing through LIHTC, as evidenced by the 2019 project completion, demonstrates ongoing efforts to address the community's housing needs in response to demographic trends.
