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Affordable Housing in Fountain Park: LIHTC's Impact on a Changing St. Louis 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
Fountain Park, a neighborhood in St. Louis, Missouri, exhibits a distinct affordable housing profile. The area contains 229 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, all categorized as low-income units. Given the 2022 population of 900 residents and an estimated 345 housing units, LIHTC funded affordable housing represents approximately 66.4% of the neighborhood's estimated housing inventory.
The LIHTC program has allocated $699,408 in tax credits for affordable housing projects in Fountain Park. This equates to an average federal funding of $3,054 per unit. LIHTC funded affordable housing in the neighborhood dates back to 2005, with the most recent project completed in 2006, indicating a concentrated period of affordable housing development.
Two LIHTC funded projects exist in Fountain Park: Roosevelt Towne Apts, completed in 2005, and Fountain Park Apts (Fp San Remo), completed in 2006. The mid-2000s marked the most active period for affordable housing development in this neighborhood. The LIHTC funded projects in Fountain Park comprise 153 one-bedroom units, 56 two-bedroom units, and 2 three-bedroom units. This distribution suggests an emphasis on housing for smaller households and families.
Fountain Park has undergone significant demographic changes over the past decade. The population has decreased from 1,636 in 2014 to 900 in 2022, a decline of approximately 45%. Despite this population decrease, the median income has increased from $17,400 in 2014 to $24,209 in 2022, representing a 39% increase.
The racial composition of the neighborhood has also shifted. While still predominantly African American, the percentage of Black residents has decreased from 98% in 2014 to 87% in 2022. Simultaneously, there has been a slight increase in the white population, from 1% to 8% during the same period.
These demographic trends, particularly the population decrease and income increase, may partially explain the absence of new LIHTC projects in the neighborhood since 2006. The reduced population might have diminished the demand for additional affordable housing units, while the rising median income could indicate a changing economic landscape in the neighborhood.
Fountain Park's affordable housing landscape is characterized by a significant LIHTC funded inventory that covers a large portion of the estimated housing units. The neighborhood experienced concentrated affordable housing development in the mid-2000s, resulting in 229 low-income units. While no new LIHTC projects have been initiated in recent years, this aligns with the neighborhood's demographic shifts, including population decrease and median income increase. The existing LIHTC funded housing continues to serve a crucial role in providing affordable options for residents in this evolving St. Louis neighborhood.
