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Affordable Housing in Jefferson/Walker: LIHTC's Impact on a Growing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Jefferson/Walker neighborhood in Fayetteville, Arkansas, has a significant presence of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood has 105 total units in LIHTC-funded projects, with 103 designated as low-income units. Based on the estimated housing inventory of 1,487 units, LIHTC-funded affordable housing covers approximately 7.1% of the neighborhood's housing stock.
The LIHTC program has invested substantially in this neighborhood, with project tax credits totaling $1,190,509. This translates to an average federal funding of about $11,338 per unit in LIHTC-funded projects. The neighborhood has seen consistent development of affordable housing over more than a decade, with the first recorded project completed in 2000 and the most recent finished in 2013.
The 2000s were particularly active for affordable housing development in Jefferson/Walker. Three out of the four LIHTC projects were completed during this decade: Nantucket Apartments (2000), Nantucket Apts Phase II (2005), and Nantucket Apartments III (2007). This consistent development suggests a sustained effort to address affordable housing needs in the area.
The LIHTC-funded housing in this neighborhood primarily consists of smaller units. There is 1 efficiency unit, 13 one-bedroom units, and 10 two-bedroom units. This unit mix may cater to smaller households or individuals in need of affordable housing options.
Over the past decade, the Jefferson/Walker neighborhood has experienced significant demographic changes. The population has grown from 2,643 in 2013 to 3,882 in 2022, representing a 47% increase. This population growth may have contributed to the need for additional affordable housing units.
Median income in the neighborhood has seen an upward trend, rising from $19,490 in 2013 to $30,488 in 2022. Despite this increase, the median income remains relatively low, suggesting an ongoing need for affordable housing options.
Racial demographics have shifted slightly over the past decade. The white population has decreased from 64% in 2013 to 59% in 2022, while the Black population has increased from 9% to 11%. The Hispanic population has remained relatively stable, moving from 15% to 14%. The most notable change is in the "two or more races" category, which increased from 4% in 2013 to 13% in 2022, indicating growing diversity in the neighborhood.
The Jefferson/Walker neighborhood has benefited from consistent LIHTC investment in affordable housing over more than a decade. While the LIHTC-funded units represent a modest portion of the estimated housing stock, they play a crucial role in providing affordable options in an area with relatively low median incomes. The neighborhood's population growth and evolving demographic composition suggest an ongoing need for diverse and affordable housing options. The concentration on smaller units in LIHTC projects aligns with the changing household compositions and may serve various segments of the population needing affordable housing.
