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Affordable Housing in Forest Park, Georgia: LIHTC Program Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Forest Park, Georgia, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 559 total units, with 544 designated as low-income units. This represents approximately 5.5% of the city's estimated housing stock of 10,196 units.
Forest Park has received $1,306,401 in project tax credits for affordable housing through the LIHTC program. This funding is distributed across approximately 7 projects, resulting in an average of $186,629 in federal funding per project, or $2,337 per unit. Forest Park's allocation represents 0.39% of Georgia's total LIHTC funding.
The city's involvement with LIHTC-funded affordable housing began in 1990 with the Wingate project and continued through 2007 with the completion of Water's Edge Apartments. This 17-year span indicates a sustained commitment to affordable housing in Forest Park. The 2000s saw the most significant development, with five projects completed between 2005 and 2007, including Ashton Forest Park, Ashton Walk, Parkside Crossing Apartment, Breckenridge Apartments, and Water's Edge Apartments.
The LIHTC-funded projects in Forest Park offer a range of unit types, including 101 one-bedroom units, 180 two-bedroom units, and 15 three-bedroom units. This distribution accommodates various household sizes and needs within the community.
Over the past decade, Forest Park's population has remained relatively stable, with minor fluctuations. The median income has shown an upward trend, increasing from $31,339 in 2013 to $38,836 in 2022. This rise in median income may indicate a changing economic landscape in the city.
Racial demographics have shifted significantly during this period. The Black population has increased from 41% in 2013 to 56% in 2022, while the White population has decreased from 18% to 10%. The Hispanic population has also decreased slightly from 29% to 23%. These demographic changes may influence future affordable housing needs and strategies in Forest Park.
Forest Park's LIHTC-funded affordable housing represents a small but significant portion of the city's estimated housing inventory. The city has consistently invested in affordable housing over nearly two decades, with a particular focus in the mid-2000s. The diverse unit types available cater to various household sizes. The city's changing demographics and increasing median income suggest that ongoing assessment of affordable housing needs will be crucial for future planning and development.
