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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Ginter Park, a neighborhood in Richmond, Virginia, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 410 total units, with 377 designated as low-income units. Based on the 2022 population of 4,667 and using the national average household size, the estimated housing units in the neighborhood are approximately 1,788. The LIHTC funded affordable housing covers about 22.9% of the estimated housing inventory, exceeding the target percentage for a well-balanced community.
The LIHTC program has invested significantly in Ginter Park, with project tax credits totaling $521,092. This translates to an average federal funding of approximately $1,271 per unit across all LIHTC-funded projects in the neighborhood.
Affordable housing has been part of Ginter Park for nearly two decades. The first LIHTC project, North Court Apartments, was completed in 2005, while the most recent addition, North Oak Apartment Complex, was finished in 2013. This indicates a sustained commitment to affordable housing in the neighborhood over time.
The 2010s saw the most recent affordable housing development activity in Ginter Park, with the completion of North Oak Apartment Complex in 2013. This project added 144 units to the neighborhood's affordable housing inventory, with 112 designated as low-income units.
Over the past decade, Ginter Park has experienced demographic shifts. The population has fluctuated, peaking at 5,707 in 2014 and declining to 4,667 by 2022. Despite these changes, the median income has shown a general upward trend, increasing from $40,770 in 2013 to $52,983 in 2022.
Racial demographics have also evolved. The Black population percentage increased from 41% in 2013 to a peak of 50% in 2019, before decreasing to 41% in 2022. Conversely, the White population decreased from 53% in 2013 to a low of 42% in 2017-2018, before rising to 49% in 2022. These demographic shifts may have influenced the need for affordable housing in the neighborhood.
No new LIHTC projects have been built in Ginter Park since 2013. This could be due to various factors, including changes in local housing policy, shifts in funding priorities, or potentially a reduced need for additional affordable housing units in the area.
Ginter Park's LIHTC-funded affordable housing inventory represents a significant portion of the neighborhood's estimated housing stock, exceeding typical targets for a balanced community. The neighborhood has seen sustained investment in affordable housing over nearly two decades, with two major projects completed between 2005 and 2013. While demographic changes have occurred, including fluctuations in population and shifts in racial composition, the median income has generally increased. The absence of new LIHTC projects since 2013 may reflect changing housing needs or priorities in the area, but the existing affordable housing continues to play a crucial role in the neighborhood's housing landscape.