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Affordable Housing in Jonesboro: LIHTC Program's Impact on 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
Jonesboro, Arkansas, a city in the northeastern part of the state, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. With 1,029 total units in LIHTC-funded projects, including 829 designated low-income units, Jonesboro demonstrates a commitment to providing affordable housing options for its residents.
Based on the estimated housing inventory of 30,607 units, the LIHTC-funded affordable housing covers approximately 3.4% of the city's housing stock. This percentage is lower than the target range of 15-20% for affordable housing, although other housing programs may contribute to the overall affordable housing inventory in Jonesboro.
Jonesboro has received $5,433,170 in project tax credits through the LIHTC program. This translates to an average of $286,009 per project and $5,280 per unit in federal funding. The city holds 3.4% of Arkansas' total LIHTC funding, indicating its significance in the state's affordable housing efforts.
Affordable housing has been a part of Jonesboro's landscape for nearly three decades. The first LIHTC project, Park Lake Apartments, was completed in 1992, while the most recent projects, including Briarwood Estates, Emerald Village, and Ridge Estates of Jonesboro, were completed in 2017. The 2010s saw the most affordable housing development activity, with multiple projects completed during this decade.
Jonesboro's LIHTC-funded housing stock offers a diverse range of unit types. The inventory includes 20 efficiencies, 316 one-bedroom units, 345 two-bedroom units, 318 three-bedroom units, and 30 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
One notable project, Walker Courts South Apartments, completed in 2016, specifically targets disabled individuals. This project demonstrates Jonesboro's efforts to address the unique housing needs of vulnerable populations.
Analyzing demographic trends over the past decade, Jonesboro has experienced steady population growth, increasing from 67,486 in 2010 to 79,884 in 2022. This growth of approximately 18% may contribute to the ongoing need for affordable housing options. The median income has fluctuated over the years, with the most recent data showing an increase to $61,057 in 2022, up from $45,497 in 2021. This rise in median income could potentially impact the demand for affordable housing, although income disparities may still exist within the population.
Racial distribution data for 2021 shows that Jonesboro is predominantly white (65%), with a significant Black population (21%), and smaller percentages of Hispanic (6%), Asian (1%), and Native American (1%) residents. The diverse racial makeup of the city underscores the importance of ensuring equitable access to affordable housing across all communities.
In summary, Jonesboro's LIHTC-funded affordable housing inventory plays a crucial role in addressing the city's housing needs. With 19 projects developed over nearly three decades, the city has consistently worked to expand its affordable housing options. While the current inventory covers a small percentage of the estimated housing stock, the ongoing population growth and fluctuating median income levels suggest a continued need for affordable housing initiatives. The diversity in unit types and the presence of targeted housing for disabled individuals demonstrate efforts to meet varied housing needs within the community.
