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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
East Memphis-Colonial-Yorkshire, a neighborhood in Memphis, Tennessee, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 1,797 total units in LIHTC funded projects, with 1,639 of these designated as low-income units. Based on the 2022 population of 101,754 and an estimated 38,986 housing units, the LIHTC funded affordable housing comprises approximately 4.6% of the neighborhood's estimated housing inventory.
The LIHTC program has invested substantially in this neighborhood, with project tax credits totaling $4,816,015. This equates to an average federal funding of about $2,680 per unit across all LIHTC funded projects in the area.
Affordable housing has been a consistent feature of East Memphis-Colonial-Yorkshire since 1988, when the first LIHTC project, Ascension Towers Apartments, was completed. The most recent addition, John Madison Exum Towers I & II, was completed in 2016, indicating nearly three decades of continuous affordable housing development in the neighborhood.
The 1990s experienced the most activity in affordable housing construction, with multiple projects completed during this decade, including Tillman Cove Apartments and French Village Apartments in 1994.
The LIHTC funded housing stock in this neighborhood offers a range of unit types. There are 143 one-bedroom units, 525 two-bedroom units, 97 three-bedroom units, and 48 four-bedroom units, catering to various household sizes and needs.
Over the past decade, the neighborhood has experienced a slight decline in population, from 109,362 in 2013 to 101,754 in 2022. Despite this, the median income has shown a positive trend, increasing from $52,331 in 2013 to $62,251 in 2022. This rise in median income may indicate a reduced need for additional affordable housing in recent years.
The racial composition of the neighborhood has remained relatively stable over the past decade. As of 2022, the population is approximately 48% White, 41% Black, 7% Hispanic, and 2% Asian. This diverse demographic makeup underscores the importance of maintaining a mix of affordable housing options to serve various community needs.
East Memphis-Colonial-Yorkshire has a well-established LIHTC funded affordable housing inventory, covering about 4.6% of the estimated housing stock. The neighborhood has benefited from nearly three decades of LIHTC investments, with the most active period being the 1990s. While the population has slightly decreased over the past decade, rising median incomes suggest evolving housing needs. The diverse racial composition of the area highlights the ongoing importance of maintaining affordable housing options to serve all community members.