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Affordable Housing in Lafayette, Tennessee: A Decade of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lafayette, Tennessee, with a population of 11,164 in 2022, has 61 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units represent 1.43% of the city's estimated 4,277 housing units. The city has received $3,749,601 in LIHTC project tax credits, averaging $1,874,800 per project and $61,469 per unit. Lafayette's share of Tennessee's total LIHTC funding is 0.82%.
Lafayette's LIHTC program began in 2011 with the completion of Lafayette Gardens, followed by Golden Oaks Village in 2015. This indicates that LIHTC-funded affordable housing has been present in the city for approximately a decade. The 2010s saw the most affordable housing project completions in Lafayette.
The LIHTC-funded affordable housing inventory in Lafayette consists of 59 one-bedroom units and 2 two-bedroom units. There are no efficiencies, three-bedroom, or four-bedroom units reported in these projects.
Lafayette's population has grown moderately over the past decade, increasing from 8,771 in 2010 to 11,164 in 2022. The median income has shown an upward trend, rising from $36,467 in 2013 to $39,442 in 2022.
The racial distribution in Lafayette has remained predominantly white, though the percentage has decreased slightly from 95% in 2013 to 89% in 2022. The Hispanic population has shown the most significant increase, growing from 3% in 2013 to 8% in 2022.
Lafayette's LIHTC-funded affordable housing inventory provides 61 low-income units to the community. The city has received nearly $3.75 million in tax credits for these projects, representing a small portion of Tennessee's total LIHTC allocation. The affordable housing stock primarily consists of one-bedroom units, potentially serving smaller households or individuals. The demographic trends over the past decade indicate population growth and slight diversification, which may influence future affordable housing needs in Lafayette.
