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Affordable Housing in Lubbock: LIHTC Impact on the Hub 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
Lubbock, Texas, known as the "Hub City" of West Texas, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 1,939 total units, with 1,771 designated as low-income units. This represents approximately 1.92% of the city's estimated housing stock of 101,125 units. Lubbock has received $534,811 in project tax credits through the LIHTC program, distributed across approximately 19 projects. The average federal funding per project is $28,148, with an average of $276 per unit.
The first LIHTC project in Lubbock, Autumn Meadows Apartments, was completed in 1994, while the most recent project with a known completion date is The Vineyards, finished in 2016. This indicates a 22-year span of affordable housing development in the city. The 2000s saw the highest number of completed affordable housing projects, including Castle Garden Apartments (2004), Park Meadows Villas (2005), and Stone Hollow Village (2006).
The LIHTC-funded projects in Lubbock offer various unit types, including 162 one-bedroom units, 425 two-bedroom units, 260 three-bedroom units, and 48 four-bedroom units. One project, Reserves At South Plains, completed in 2015, specifically targets the Special Needs population, likely providing specialized amenities and services for residents with disabilities or other specific requirements.
Lubbock's population has grown steadily over the past decade, increasing from 239,544 in 2013 to 263,937 in 2022. The median income has also risen from $45,728 in 2013 to $56,910 in 2022, indicating an overall improvement in economic conditions. The racial composition of the city has shifted slightly, with the Hispanic population increasing from 34% in 2013 to 38% in 2022, while the White population decreased from 53% to 49% during the same period. The Black population has remained relatively stable at around 7-8%, and the Asian population has stayed consistent at 2-3%.
Lubbock's LIHTC-funded affordable housing inventory addresses a portion of the city's housing needs, although it covers a small percentage of the total estimated housing stock. The city has experienced consistent development of affordable housing projects over the years, with various unit sizes accommodating different household needs. The demographic changes observed may influence future affordable housing needs and development in Lubbock.
