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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Historic Centennial neighborhood in Lafayette, Indiana, has a small Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The neighborhood contains 4 units in LIHTC funded projects. Based on the 2022 population of 764 and using the national average household size, the estimated housing inventory for the neighborhood is approximately 293 units. The LIHTC funded affordable housing covers about 1.37% of the estimated housing inventory in the neighborhood.
The neighborhood has two LIHTC funded projects: North St and 718 Brown St. The North St project was completed in 1990, marking the beginning of LIHTC funded affordable housing in Historic Centennial. The 1990s saw the most LIHTC activity in the neighborhood.
The LIHTC funded projects in Historic Centennial offer a mix of one-bedroom and two-bedroom units. There is 1 one-bedroom unit and 3 two-bedroom units. This distribution indicates a focus on accommodating small families or individuals in the affordable housing stock.
Over the past decade, Historic Centennial has experienced fluctuations in its population, with a decrease from 793 in 2018 to 764 in 2022. The median income has shown an increase, rising from $19,017 in 2018 to $31,487 in 2022. This upward trend in median income may indicate a reduced need for additional affordable housing in recent years.
The racial composition of the neighborhood has evolved. The percentage of white residents decreased from 83% in 2018 to 75% in 2022, while the Black population increased from 3% to 12% during the same period. The Asian population remained relatively stable at around 3-4%, and the Hispanic population showed a slight decrease from 9% to 8%. These demographic shifts indicate a gradual diversification of the neighborhood.
Historic Centennial's LIHTC funded affordable housing inventory plays a role in providing affordable options within the neighborhood. The presence of LIHTC projects since 1990 indicates a long-standing commitment to affordable housing. However, the lack of recent LIHTC developments, coupled with rising median incomes, suggests a potentially changing economic landscape in the neighborhood. The demographic shifts observed over the past decade highlight the evolving nature of the community, which may influence future affordable housing needs and strategies.