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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Hyde Park, a neighborhood in St. Louis, Missouri, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 179 units in LIHTC funded projects, with 170 designated as low-income units. This inventory plays a crucial role in meeting the community's housing needs.
The 2022 population of Hyde Park was 1,362. Using the national average household size of 2.61, an estimated 522 housing units exist in the neighborhood. The 170 low-income units account for approximately 32.6% of the estimated housing inventory in Hyde Park, representing a significant portion of the neighborhood's housing stock.
The LIHTC program has invested $1,516,464 in project tax credits for Hyde Park's affordable housing. This equates to an average federal funding of approximately $8,472 per unit when divided by the total 179 units in LIHTC funded projects. The first LIHTC funded project in Hyde Park was completed in 1987, with several projects including "1910 Ferry St" and "Irving School" dating back to this year. The most recent project, "Blair Homes," was completed in 2018, indicating over three decades of affordable housing development in the neighborhood.
The late 1980s and early 1990s saw the most significant affordable housing development activity in Hyde Park. Notable projects from this period include "Blair" (1991), "4012-14 North 23rd" (1991), and "Blair #2" (1993). The LIHTC funded projects in Hyde Park offer a diverse range of housing options. The inventory includes 3 one-bedroom units, 49 two-bedroom units, 97 three-bedroom units, and 30 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes. The "Blair Homes" project completed in 2018 specifically targets handicapped individuals, addressing the unique housing needs of this population.
Over the past decade, Hyde Park has experienced a gradual population decline, from 1,902 residents in 2014 to 1,362 in 2022. Despite this decrease, the median income has shown a general upward trend, rising from $17,486 in 2014 to $28,934 in 2022. This increase in median income might indicate changing economic conditions in the neighborhood. Regarding racial demographics, Hyde Park has maintained a predominantly Black population, with the percentage increasing slightly from 83% in 2014 to 90% in 2022. The White population has decreased from 15% to 9% during the same period.
Hyde Park's LIHTC funded affordable housing inventory plays a substantial role in the neighborhood's housing landscape, covering approximately one-third of the estimated housing stock. The area has benefited from consistent affordable housing development over three decades, with a particular focus on family-sized units. The recent addition of housing for handicapped individuals demonstrates ongoing efforts to meet diverse community needs. While the population has decreased slightly, rising median incomes and the stable racial composition suggest a changing but resilient community fabric. The LIHTC program continues to be a vital resource in maintaining affordable housing options in Hyde Park, contributing to the neighborhood's socioeconomic diversity and stability.