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Affordable Housing in Cooper Park: LIHTC's Impact on Springfield's Evolving Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Cooper Park, located in Springfield, Missouri, contains one Low-Income Housing Tax Credit (LIHTC) funded project named Woodfield Park. This project provides 19 affordable housing units, all designated as low-income units. The neighborhood had a population of 5,837 in 2022. Using the national average household size of 2.61, the estimated number of housing units in Cooper Park is approximately 2,236. The LIHTC funded affordable units represent about 0.85% of the estimated housing inventory in the neighborhood.
The LIHTC program has invested $524,000 in tax credits for affordable housing in Cooper Park. This equates to an average federal funding of approximately $27,579 per unit in the Woodfield Park project. Completed in 2016, Woodfield Park is the only LIHTC funded project in the neighborhood, providing affordable housing options for over five years.
The Woodfield Park project consists of 19 units, including 3 two-bedroom units and 16 three-bedroom units. This mix caters to families of various sizes within the low-income bracket. The project's completion in 2016 coincides with a period of population growth and income fluctuation in the neighborhood.
Cooper Park has experienced significant demographic changes over the past decade. The population increased from 4,470 in 2015 to 5,837 in 2022, indicating a growing demand for housing. Median income fluctuated, rising from $50,869 in 2015 to $60,201 in 2022, suggesting an overall improvement in economic conditions.
Racial demographics in Cooper Park have also shifted. The white population decreased from 86% in 2015 to 79% in 2022. The Asian population increased from 1% to 5%, and the Hispanic population grew from 6% to 9% during this period. These changes reflect increasing diversity in the neighborhood.
Cooper Park's LIHTC funded affordable housing, while limited to one project, provides important low-income housing options in the neighborhood. The Woodfield Park project, with its mix of two and three-bedroom units, serves families of various sizes. The demographic trends over the past decade, including population growth and increasing diversity, highlight the ongoing importance of affordable housing initiatives in the area. Although the LIHTC funded units represent a small percentage of the estimated housing inventory, they play a significant role in addressing affordable housing needs in Cooper Park.
