Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
McMinnville, Tennessee, a city with a population of 20,744 as of 2022, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 217 total units. Of these, 118 are designated as low-income units. The LIHTC funded affordable housing comprises approximately 2.73% of the city's estimated housing stock of 7,948 units.
McMinnville has received $1,425,118 in project tax credits for affordable housing through the LIHTC program. This funding is distributed across approximately 4 projects, resulting in an average of $356,280 in federal funding per project. The average federal funding per unit is about $6,567. McMinnville's share of the total state LIHTC funding is 0.31%.
The city's LIHTC funded affordable housing development occurred between 2008 and 2016. The first project, Orchard View Apartments, was completed in 2008, and the most recent, Partridge Meadows Apartments, was finished in 2016. The majority of affordable housing projects were completed in the 2000s decade.
The LIHTC funded projects in McMinnville include 115 one-bedroom units, 77 two-bedroom units, and 7 three-bedroom units. This distribution indicates a focus on accommodating smaller household sizes in the affordable housing inventory.
McMinnville's population has remained relatively stable over the past decade, with minor fluctuations. The median income has increased gradually from $32,153 in 2013 to $40,458 in 2022. Racial demographics have shown minimal changes, with a slight decrease in the white population from 84% in 2015 to 80% in 2022, and a small increase in the Hispanic population from 9% to 12% during the same period.
The completion of the Partridge Meadows Apartments in 2016 coincided with a period of population growth and increasing median income in the city. However, no new LIHTC projects have been developed since 2016, which may be related to the subsequent stabilization of population growth and more gradual income increases.
McMinnville's LIHTC funded affordable housing covers a small portion of the city's estimated housing inventory. The city experienced steady development of affordable housing projects from 2008 to 2016, with an emphasis on one and two-bedroom units. While the LIHTC program has made a significant contribution to the city's affordable housing stock, the percentage of coverage suggests potential room for additional affordable housing development to meet possible needs. The demographic trends over the past decade indicate a relatively stable population with gradually increasing median income, which may influence future affordable housing needs and development in McMinnville.