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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Midtown neighborhood of New Albany, Indiana, exhibits a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 304 units in LIHTC funded projects, with 249 designated as low-income units. This represents approximately 26.9% of the neighborhood's estimated housing inventory, based on the 2022 population of 2,951 and an estimated 1,131 housing units.
LIHTC funded affordable housing development in Midtown spans over a decade, from 1995 to 2006. The earliest project, St John Homes, was completed in 1995, while the most recent identifiable project, Homewood Village, was completed in 2006. This 11-year period demonstrates a sustained effort to provide affordable housing options in the neighborhood.
The 1990s saw the completion of two projects: St John Homes (1995) and Madison Ave Townhomes (1997). The early 2000s continued this trend with Lancaster (2003) and Homewood Village (2006). This consistent development across two decades indicates a long-term commitment to affordable housing in Midtown.
The LIHTC funded projects in Midtown offer a variety of unit types. The inventory includes 13 one-bedroom units, 239 two-bedroom units, 36 three-bedroom units, and 16 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes, with a particular emphasis on two-bedroom units.
Over the past decade, Midtown has experienced demographic shifts. The population has remained relatively stable, fluctuating between 2,675 and 3,068 residents. Median income has shown variability, ranging from $24,675 in 2014 to $41,764 in 2021, with the most recent data showing $30,439 in 2022.
Racial demographics have also changed. The white population increased from 71% in 2016 to 91% in 2022, while the Black population decreased from 16% in 2017 to 5% in 2022. The Hispanic population has remained relatively constant at around 2-3% throughout this period.
These demographic changes, particularly the fluctuations in median income, may influence the ongoing need for affordable housing in the neighborhood. The stability in population suggests a consistent demand for housing, while the income variations indicate that a significant portion of residents may benefit from affordable housing options.
Midtown's LIHTC funded affordable housing inventory represents a substantial portion of the neighborhood's estimated housing stock. The development of these projects over more than a decade demonstrates a sustained commitment to affordable housing. The variety of unit types, particularly the predominance of two-bedroom units, suggests an effort to accommodate diverse household sizes. While recent years have not seen new LIHTC projects, the existing inventory continues to play a crucial role in the neighborhood's housing landscape. The demographic shifts observed over the past decade, including changes in income levels and racial composition, underscore the importance of maintaining and potentially expanding affordable housing options to meet the evolving needs of the Midtown community.