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Affordable Housing in Heron Walk: LIHTC Impact on a Changing Nashville Neighborhood
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CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Heron Walk, a neighborhood in Nashville-Davidson metropolitan government, Tennessee, contains a significant proportion of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 571 total units, all of which are designated as low-income units. This affordable housing stock represents approximately 10.8% of the estimated 5,298 housing units in the neighborhood, based on the 2022 population of 13,829 and the national average household size of 2.61.
The LIHTC program has invested $1,002,020 in tax credits for affordable housing projects in Heron Walk. This investment equates to an average federal funding of about $1,754 per unit. The neighborhood has experienced LIHTC-funded affordable housing development over a decade, with the first project, Chippington I & II Apartments, completed in 2006, and the most recent, River Retreat Apartments, finished in 2016.
The 2010s witnessed the most substantial affordable housing development in Heron Walk, with River Retreat Apartments contributing 145 units to the inventory. The housing stock comprises a variety of unit types, including 63 efficiencies, 385 one-bedroom units, and 112 two-bedroom units. This distribution indicates a focus on accommodating smaller households and individuals.
Heron Walk has undergone notable demographic shifts over the past decade. The population increased from 12,242 in 2013 to 13,829 in 2022, a growth of approximately 13%. During this period, the median income rose from $37,540 in 2013 to $49,398 in 2022, representing a 31.6% increase.
The racial composition of the neighborhood has also changed. The Black population increased from 34% in 2013 to 38% in 2022, while the White population decreased from 47% to 32%. The Hispanic population experienced substantial growth, rising from 15% to 25% during the same period. These demographic changes, particularly the increase in median income and the growth of minority populations, may have influenced the need for and development of affordable housing in the area. The completion of River Retreat Apartments in 2016 aligns with the period of demographic change and population growth.
Heron Walk's LIHTC-funded affordable housing inventory plays a significant role in the neighborhood's housing landscape, comprising about 10.8% of the estimated housing units. The development of these projects over a decade demonstrates a sustained commitment to affordable housing in the area. The diverse mix of unit types caters to various household sizes, with a focus on smaller units. The neighborhood's demographic trends, including population growth, increasing median income, and shifting racial composition, provide context for the affordable housing developments. These LIHTC projects contribute to maintaining housing affordability in a changing urban environment.
