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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Meador Park, a neighborhood in Springfield, Missouri, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 124 total units, with 108 designated as low-income units. Based on the 2022 population of 6,042 and using the national average household size, there are approximately 2,315 housing units in the neighborhood. LIHTC funded affordable housing represents about 5.4% of the estimated housing inventory in Meador Park.
The LIHTC program has invested $690,433 in tax credits in Meador Park. This equates to an average federal funding of $5,568 per unit across all LIHTC-funded projects in the neighborhood. The first LIHTC project, Rosewood Estates, was completed in 2003, while the most recent, Battlefield Tower, was finished in 2011. Affordable housing has been part of Meador Park's landscape for nearly two decades.
The 2010s saw the most significant addition to the affordable housing stock with the completion of Battlefield Tower in 2011. This project added 92 units, all low-income, consisting entirely of one-bedroom apartments. Rosewood Estates, completed in 2003, offers a mix of two-bedroom and three-bedroom units, with 16 units each, half of which are designated as low-income.
Meador Park has experienced population growth over the past decade, increasing from 5,397 in 2013 to 6,042 in 2022. The median income has also risen, from $31,929 in 2013 to $37,324 in 2022, representing a 16.9% increase. Despite this growth, the median income remains relatively low, suggesting a continued need for affordable housing options.
The racial composition of Meador Park has become more diverse over the past decade. While the neighborhood remains predominantly white, the percentage has decreased from 90% in 2013 to 79% in 2022. There have been notable increases in Asian, Black, Hispanic, and multiracial populations. This increasing diversity may indicate changing housing needs and preferences in the neighborhood.
Meador Park's LIHTC-funded affordable housing inventory plays a significant role in addressing the neighborhood's housing needs. With 108 low-income units across two projects completed in different decades, the neighborhood has maintained a steady commitment to affordable housing. The mix of unit types, from one-bedroom to three-bedroom apartments, suggests an effort to accommodate various household sizes and needs.
While the LIHTC projects cover about 5.4% of the estimated housing inventory, this falls short of the target 15-20% for a well-balanced community. Other affordable housing programs not captured in this data may contribute to meeting the neighborhood's needs.
The demographic trends, including population growth, modest income increases, and increasing diversity, underscore the ongoing importance of affordable housing initiatives in Meador Park. As the neighborhood continues to evolve, maintaining and potentially expanding affordable housing options will be crucial to ensuring housing accessibility for all residents.