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Affordable Housing in Lowell, Arkansas: LIHTC Projects Amidst Rapid Population Growth
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lowell, Arkansas, maintains a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 65 affordable housing units, of which 28 are designated as low-income. Based on the 2022 estimated population of 17,289 and using the national average household size, Lowell is estimated to have approximately 6,624 housing units. LIHTC-funded affordable housing represents about 0.98% of the estimated housing inventory in Lowell.
Lowell has received $265,803 in project tax credits through the LIHTC program. With approximately two projects, this translates to an average of $132,901.50 in federal funding per project. When divided by the total number of units, it equates to about $4,089.28 in federal funding per unit. Lowell holds 0.17% of the total state LIHTC funding allocated to Arkansas.
The LIHTC-funded affordable housing in Lowell has been present since at least 2003, with both known projects, Lowell Senior Citizen Apartments and Robinson Apartments, completed in that year. This indicates that affordable housing initiatives through LIHTC have been in place for nearly two decades.
The housing inventory funded by LIHTC in Lowell consists primarily of one-bedroom units (49) and two-bedroom units (16). There are no recorded efficiencies, three-bedroom, or four-bedroom units in these projects.
Over the past decade, Lowell has experienced significant population growth, increasing from 12,299 in 2013 to 17,289 in 2022. This represents a growth of about 40.6% over nine years. Alongside this population increase, the median income has also risen substantially, from $66,903 in 2013 to $86,044 in 2022, an increase of approximately 28.6%.
The racial demographics of Lowell have shown some changes over this period. The white population has decreased from 71% in 2013 to 59% in 2022, while the Hispanic population has increased slightly from 23% to 25%. There has been a notable increase in the population identifying as two or more races, from 1% in 2013 to 8% in 2022.
Despite the population growth and changes in demographics, there have been no new LIHTC projects recorded since 2003. This could be due to a variety of factors, including the rising median income, which might indicate a reduced need for low-income housing, or the possibility that other affordable housing programs are meeting the city's needs.
Lowell's LIHTC-funded affordable housing inventory, while modest, has been a part of the community for nearly two decades. The city has experienced significant population growth and income increases over the past decade, which may have influenced the demand for affordable housing. While the LIHTC projects represent a small percentage of the estimated housing inventory, other affordable housing programs may be contributing to meet the city's needs. The demographic shifts, particularly the increase in racial diversity, may present new opportunities or challenges for future affordable housing initiatives in Lowell.
