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Affordable Housing in Downtown Atlanta: LIHTC's Two-Decade Impact on Urban Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Downtown Atlanta, the central district of Georgia's capital city, has a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The neighborhood contains 1,116 total units in LIHTC-funded projects, with 439 of these designated as low-income units. Based on the 2022 population of 15,540 and the national average household size of 2.61, the estimated number of housing units in the neighborhood is approximately 5,954. The LIHTC-funded affordable housing comprises about 18.7% of the estimated housing inventory, which aligns with the target percentage for a balanced community.
The LIHTC program has made significant investments in Downtown Atlanta, with project tax credits totaling $4,016,341. This equates to an average federal funding of approximately $3,600 per unit in LIHTC-funded projects. Affordable housing has been a consistent feature of Downtown Atlanta since 1994, when the first LIHTC project, Edgewood Center, was completed. The most recent project with available data, Centennial Place Phase II, was completed in 2016, indicating over two decades of affordable housing development in the area.
The 1990s saw the most substantial affordable housing development in Downtown Atlanta. Notable projects from this period include Centennial Place I, II, III, and IV, as well as Legacy Partnership I and II. The late 1990s were particularly active, with multiple projects completed in 1998 alone, including City Plaza Apartments, Fairlie Poplar Apartments, and the William Oliver Building. The LIHTC-funded projects in Downtown Atlanta offer a range of unit types. Out of the total 1,116 units, there are 52 efficiencies, 159 one-bedroom units, 316 two-bedroom units, 57 three-bedroom units, and 8 four-bedroom units. This variety accommodates different household sizes and needs within the community.
Over the past decade, Downtown Atlanta has experienced significant population growth, increasing from 11,711 in 2013 to 15,540 in 2022. This 32.7% population increase suggests a growing demand for housing in the area. Median income has also risen, from $45,482 in 2013 to $51,459 in 2022, indicating improved economic conditions for some residents.
The racial composition of the neighborhood has shifted slightly. The Black population has increased from 46% in 2013 to 53% in 2022, while the White population has decreased from 37% to 26%. The Asian population has grown from 8% to 12%, suggesting increasing diversity in the neighborhood. Despite these demographic changes and the rising median income, the continued presence of LIHTC-funded housing suggests an ongoing need for affordable options in this dynamic urban area.
Downtown Atlanta's LIHTC-funded affordable housing inventory plays a crucial role in maintaining a diverse and inclusive community. With 18.7% of the estimated housing stock being LIHTC-funded units, the neighborhood approaches the target for a well-balanced community. The long history of LIHTC projects, from 1994 to at least 2016, demonstrates a sustained commitment to affordable housing. The variety of unit types caters to different household sizes, while the demographic trends indicate a growing, diversifying population with some economic improvement. These factors underscore the continued importance of affordable housing options in this evolving urban neighborhood.
