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Affordable Housing in Mount Pleasant: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Mount Pleasant, a neighborhood in St. Louis, Missouri, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 144 total units, with 139 designated as low-income units. Based on the 2022 population of 4,001 and the estimated 1,533 housing units, LIHTC funded affordable housing represents approximately 9.4% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $629,200 in tax credits for affordable housing projects in Mount Pleasant. This equates to an average federal funding of $4,369 per unit across all LIHTC funded projects in the neighborhood. The first LIHTC project in Mount Pleasant, Riverbend Apartments, was completed in 2003, while the most recent project, River Bluff Manor, was finished in 2019. This indicates a 16-year span of LIHTC-funded affordable housing development in the neighborhood.
The LIHTC inventory in Mount Pleasant consists of 50 one-bedroom units and 85 two-bedroom units. River Bluff Manor, completed in 2019, targets the handicapped population, which may require specialized amenities and services to meet their specific needs.
Over the past decade, Mount Pleasant has experienced demographic shifts. The population decreased from 4,893 in 2010 to 4,001 in 2022, a decline of about 18%. Despite this population decrease, the median income has shown an upward trend, rising from $22,798 in 2013 to $25,883 in 2022.
The racial composition of the neighborhood has also changed. The Black population decreased from 46% in 2013 to 40% in 2022, while the White population slightly increased from 41% to 43% during the same period. The Hispanic population grew from 2% to 7%, and those identifying as two or more races increased from 4% to 9%. The completion of River Bluff Manor in 2019 coincides with these demographic shifts, potentially addressing changing housing needs in the neighborhood.
Mount Pleasant's LIHTC funded affordable housing inventory covers nearly 10% of the estimated housing units, contributing significantly to the neighborhood's affordable housing stock. The LIHTC program has invested over $600,000 in the area, supporting two projects over a 16-year period. The most recent project, completed in 2019, caters to the handicapped population, demonstrating a response to specific community needs. Despite a declining population, the neighborhood has seen an increase in median income and racial diversity, factors that may influence future affordable housing needs and development in Mount Pleasant.
