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Affordable Housing in Lexington: A Single LIHTC Project's Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lexington, Virginia, a small urban area with a population of 7,346 as of 2022, has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, known as Windemere, provides 38 low-income units, representing approximately 1.35% of the city's estimated 2,815 housing units. Completed in 1999, Windemere has been a consistent source of affordable housing for over two decades.
The LIHTC program has allocated $246,906 in project tax credits to Lexington for affordable housing. This funding translates to an average of $246,906 per project and $6,497 per unit. Lexington's share of the total state LIHTC funding is 0.05%, indicating a relatively small portion of Virginia's affordable housing resources. The Windemere project consists entirely of one-bedroom units, all designated for low-income residents.
Lexington's population has shown a slight upward trend over the past decade, growing from 7,024 in 2013 to 7,346 in 2022. The median income has fluctuated, decreasing to $45,811 in 2018 before recovering to $61,661 in 2022. These economic changes could potentially influence the need for affordable housing in the city.
The racial demographics of Lexington have remained relatively stable, with the white population consistently representing the majority at around 80%. There has been a slight increase in diversity, with small growth observed in Hispanic and multi-racial populations. The Asian and Black populations have maintained a relatively constant presence, each comprising about 3-5% of the total population.
Despite these demographic shifts and the slight population increase, no new LIHTC projects have been developed in Lexington over the last decade. This lack of new affordable housing development could be attributed to various factors, including limited funding allocations, changes in housing priorities, or the perception that the existing affordable housing stock adequately meets the city's current needs.
In summary, Lexington's LIHTC-funded affordable housing inventory is limited to the Windemere project, which has provided 38 one-bedroom units for low-income residents since 1999. While this represents a small percentage of the city's estimated housing stock, it has served as a stable source of affordable housing for over two decades. The city's demographic trends, including a slight population increase and fluctuating median income, could potentially influence future affordable housing needs. However, the absence of new LIHTC projects in recent years suggests that other factors may be influencing the city's approach to affordable housing development.
