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Affordable Housing in Murfreesboro: Two Decades of LIHTC Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Murfreesboro, Arkansas, hosts 48 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. These units, all designated as low-income, represent approximately 4.9% of the city's estimated 988-unit housing inventory. The city has received $111,677 in project tax credits through the LIHTC program, averaging $55,838.50 per project and $2,326.60 per unit. This funding constitutes 0.07% of Arkansas's total LIHTC project funding.
Two LIHTC projects in Murfreesboro, both completed in 1998, have provided affordable housing for over two decades. These projects, Murfreesboro Villa Apartments and Murfreesboro Villas Apartments, each offer 24 units. The housing inventory comprises 3 efficiencies and 45 two-bedroom units, accommodating various household sizes.
Murfreesboro's population has fluctuated over the past decade, reaching 2,880 in 2017 and declining to 2,578 by 2022. The median income has varied, rising from $35,349 in 2015 to $44,052 in 2021, before decreasing to $40,473 in 2022. This income trend indicates a continued need for affordable housing options.
The city's racial demographics have undergone slight changes. The white population decreased from 92% in 2015 to 84% in 2022, while the Black population increased from 3% to 9% during this period. The Hispanic population remained relatively stable at 3-5%. Additionally, the percentage of residents identifying as two or more races increased from 1% to 3%.
Murfreesboro's LIHTC-funded affordable housing, despite comprising a small portion of the city's estimated housing stock, provides essential low-income units for residents. The two projects, both completed in 1998, have served the community for over two decades. Despite fluctuations in population and median income, the continued presence of these affordable units demonstrates their importance in meeting the housing needs of lower-income residents. The changing racial demographics of the city may indicate evolving housing needs that could be addressed through future affordable housing initiatives.
