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Affordable Housing in Corinth, Texas: LIHTC Program Impact on Urban Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Corinth, Texas, has a distinct affordable housing landscape influenced by the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded affordable housing inventory comprises 224 units, all designated as low-income. This represents approximately 2.14% of the city's estimated 10,465 housing units as of 2022.
Corinth has received $665,729 in project tax credits through the LIHTC program. With two approximate projects, the average federal funding per project is $332,864. The average federal funding per unit is $2,972. Corinth holds 0.57% of the total state LIHTC funding, indicating a modest share of Texas's affordable housing resources.
The city's LIHTC-funded housing inventory includes 56 one-bedroom, 96 two-bedroom, and 72 three-bedroom units. This distribution accommodates families of various sizes within the affordable housing sector. Tower Ridge Apartments, completed in 2006, is a significant contributor to Corinth's affordable housing stock, accounting for all 224 low-income units in the city's LIHTC inventory.
Corinth's population has grown steadily from 24,623 in 2013 to 27,313 in 2022. The median income has increased from $94,252 in 2013 to $109,253 in 2022. This upward income trend may suggest a decreasing need for affordable housing, potentially explaining the lack of new LIHTC projects in recent years.
The racial composition of Corinth has remained relatively stable. The white population decreased from 74% in 2013 to 69% in 2022. There have been modest increases in Hispanic (14% to 15%), Black (5% to 8%), and Asian (2% to 3%) populations. These demographic shifts may influence future affordable housing needs in the city.
Corinth's LIHTC-funded affordable housing represents a small but significant portion of the city's housing inventory. The Tower Ridge Apartments project, completed in 2006, forms the core of this inventory with 224 low-income units. While the city has experienced population growth and rising median incomes over the past decade, the racial composition has remained relatively stable with slight diversification. These demographic trends may impact future affordable housing needs and development in Corinth.
