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Affordable Housing in Hot Springs: LIHTC's Impact on Thermal City's Housing Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Hot Springs, Arkansas, a city known for its thermal springs and historic bathhouses, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 638 total units in LIHTC-funded projects, with 425 designated as low-income units. Based on the estimated housing inventory of 18,622 units, LIHTC-funded affordable housing comprises approximately 3.4% of the city's housing stock.
Hot Springs has received $4,825,016 in project tax credits for affordable housing through the LIHTC program. With approximately 13 projects, this translates to an average of $371,155 in federal funding per project. The average federal funding per unit is $7,563. Hot Springs holds 3.02% of Arkansas' total LIHTC funding, indicating a substantial investment in affordable housing for a city of its size.
The city's LIHTC-funded affordable housing development spans over two decades, with the earliest project completed in 1999 and the most recent in 2020. The 2000s saw the most affordable housing development, with several projects completed during this period. The affordable housing inventory in Hot Springs includes a diverse mix of unit types, catering to different household sizes and needs within the low-income population.
Over the past decade, Hot Springs' population has remained relatively stable, fluctuating between 47,000 and 48,500 residents. The median income has shown an overall upward trend, increasing from $41,658 in 2013 to $45,206 in 2022. This rise in median income may indicate a growing need for affordable housing options to support lower-income residents who may be facing increased housing costs.
Racial demographics have shown slight shifts, with the white population decreasing from 76% in 2013 to 71% in 2022. The Hispanic population has grown from 5% to 9% during the same period. The Black population has remained stable at around 14%. These demographic changes may influence the need for culturally sensitive affordable housing options.
Hot Springs has a notable LIHTC-funded affordable housing inventory, with 638 units across approximately 13 projects. This covers about 3.4% of the estimated housing stock and represents a significant investment in affordable housing for the city. The diverse mix of unit types suggests an effort to accommodate various household sizes and needs. The city's demographic trends, including a rising median income and increasing diversity, underscore the ongoing importance of affordable housing initiatives in Hot Springs.
