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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Laurel, Mississippi, a city with a historical connection to the timber industry, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 129 units. These units, all designated as low-income, represent approximately 1.39% of the city's estimated 9,311 housing units.
The LIHTC program has provided $2,855,404 in project tax credits for affordable housing in Laurel. This funding is distributed across approximately 8 projects, resulting in an average of $356,925.50 in federal funding per project and $22,135.69 per unit. Laurel's share of the total state LIHTC funding is 1.05%.
Affordable housing development in Laurel spans a 19-year period, with the first LIHTC project, Oak Hill Estates, completed in 2000, and the most recent projects, Palisades Park and Palisades Park II, finished in 2019. The 2010s were the most active period for affordable housing construction, with five projects completed during this decade.
The composition of Laurel's affordable housing units emphasizes larger living spaces, with 86 three-bedroom units, 26 four-bedroom units, and 17 two-bedroom units. This distribution indicates a focus on accommodating families. Notably, the Palisades Park and Palisades Park II projects, both completed in 2019, are designed to serve disabled persons who use Monoamine Oxidase Inhibitors (MAOI), demonstrating an effort to address specialized housing needs.
Laurel's population has remained relatively stable over the past decade, with a slight increase from 23,516 in 2012 to 24,303 in 2022. The median income has shown an overall upward trend, rising from $35,310 in 2013 to $40,456 in 2022, despite some fluctuations. The racial composition of the city has shifted, with the Black population increasing from 47% in 2013 to 54% in 2022, while the White population decreased from 43% to 40%. The Hispanic population experienced a slight increase from 2% to 4%.
The development of LIHTC projects in Laurel, particularly during the 2010s, aligns with these demographic changes. The stable population, gradual increase in median income, and shifts in racial composition may have influenced the need for and development of affordable housing in the city.
Laurel's LIHTC-funded affordable housing inventory, while modest compared to the total estimated housing stock, demonstrates a consistent commitment to providing low-income housing options. The city has maintained a steady development of affordable housing projects over nearly two decades, focusing on larger family units and some specialized housing for disabled individuals. The demographic trends have likely influenced the city's approach to affordable housing development. The LIHTC program represents one component of Laurel's overall housing landscape, contributing to the city's affordable housing needs.