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Affordable Housing in Columbia, Tennessee: LIHTC's Role in the Mule Capital
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Columbia, Tennessee, known as the "Mule Capital of the World," has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC program has contributed 697 total units, with 569 designated as low-income units. Based on the estimated housing inventory of 22,764 units, LIHTC-funded affordable housing covers approximately 3.06% of the city's housing stock.
Columbia has received $2,410,073 in project tax credits for affordable housing through the LIHTC program. With approximately 7 projects, this translates to an average of $344,296 in federal funding per project. The average federal funding per unit is $3,458. Columbia holds 0.52% of Tennessee's total LIHTC funding, indicating a significant contribution to the state's affordable housing efforts. The city's involvement with LIHTC-funded housing spans from 1987 to at least 2015.
The earliest recorded LIHTC project in Columbia is the Carver House Apartments, completed in 1987. The most recent project with a known completion date is Cedar Pointe, finished in 2015. The 2000s saw the most activity in affordable housing development, with projects like Hallmark At Columbia and Stonebridge Apartments both completed in 2007. Columbia's LIHTC-funded housing inventory includes a diverse range of unit types, offering 69 one-bedroom units, 310 two-bedroom units, 266 three-bedroom units, and 16 four-bedroom units.
Over the past decade, Columbia has experienced steady population growth, increasing from 50,265 in 2012 to 59,413 in 2022, an 18.2% growth. The median income has risen from $45,349 in 2013 to $60,693 in 2022, a 33.8% increase. This income growth may not have kept pace with housing costs, potentially maintaining the demand for affordable housing.
Racial demographics have remained relatively stable. The white population decreased slightly from 76% in 2013 to 75% in 2022, while the Hispanic population increased from 6% to 8% over the same period. The Black population decreased slightly from 14% to 13%. These minor shifts in racial composition do not appear to have significantly impacted the need for affordable housing.
Columbia's LIHTC-funded affordable housing program has made a notable contribution to the city's housing landscape, providing 697 units over a span of nearly three decades. The current inventory covers about 3.06% of the estimated housing stock. The city's continued population growth and rising median income suggest an ongoing need for affordable housing options. The diverse unit types offered through LIHTC projects demonstrate an effort to accommodate various household sizes and needs. As Columbia continues to evolve, monitoring these trends will be crucial in addressing future affordable housing requirements.
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