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Affordable Housing in Hampton: A Demographic Shift and LIHTC Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Hampton, Arkansas, a small community with a population of 1,542 as of 2022, has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project provides 24 low-income units, accounting for approximately 4.06% of the city's estimated housing inventory of 591 units.
The LIHTC program has contributed $182,350 in tax credits to Hampton for affordable housing development. This amount translates to an average federal funding of $182,350 per project and $7,597.92 per unit. Hampton's LIHTC funding represents 0.11% of the total state funding for Arkansas.
Hampton Cove, the sole LIHTC-funded project in Hampton, was completed in 1992. This project has been providing affordable housing in the community for over three decades. All 24 units in the project are one-bedroom apartments, catering to individuals or small households.
Hampton has experienced a decline in population over the past decade, decreasing from 1,848 in 2013 to 1,542 in 2022. Despite this population decrease, the median income has shown a significant increase, rising from $29,685 in 2013 to $51,394 in 2022. This trend suggests an overall improvement in the economic conditions of the remaining residents.
The racial composition of Hampton has also shifted over the past decade. The percentage of white residents has increased from 62% in 2013 to 76% in 2022, while the percentage of Black residents has decreased from 36% to 21% during the same period. The Hispanic population has remained relatively stable, fluctuating between 1% and 3% throughout the decade.
Hampton's LIHTC-funded affordable housing project, Hampton Cove, has been a long-standing contributor to the community's housing needs since 1992. While the 24 low-income units represent a small portion of the city's estimated housing inventory, they provide essential housing options for the community. The city has experienced demographic shifts over the past decade, including a declining population and increasing median income. These trends, along with changes in racial composition, may influence future affordable housing needs in Hampton.
