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Affordable Housing in Newport, Arkansas: Three 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
Newport, Arkansas, with a population of 10,941 as of 2022, maintains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 150 total units. Of these, 104 units are specifically designated as low-income units. The LIHTC-funded affordable housing represents approximately 3.6% of the city's estimated housing inventory of 4,192 units.
Newport has received $770,534 in project tax credits for affordable housing through the LIHTC program. This funding is distributed across approximately 4 projects, resulting in an average federal funding of $192,633 per project. The average federal funding per unit is $5,137. Newport's allocation represents 0.48% of the total state LIHTC funding for Arkansas.
The affordable housing projects in Newport span from 1990 to at least 2001. Ashton Park Apartments and Village Creek Apartments were both completed in 1990, while Kenmont Apartments followed in 2001. The 1990s marked the period of most significant affordable housing development in Newport.
The LIHTC-funded projects in Newport offer a diverse range of unit types, including 47 one-bedroom units, 39 two-bedroom units, 27 three-bedroom units, and 1 four-bedroom unit. This variety of unit sizes can accommodate different household compositions within the low-income population.
Newport's population has remained relatively stable over the past decade, with minor fluctuations. The median income has increased gradually from $36,204 in 2019 to $38,776 in 2022. The racial composition of Newport has also experienced changes, with a slight decrease in the white population from 73% in 2013 to 71% in 2022, and an increase in residents identifying as two or more races from 1% to 9% during the same period.
Despite no new LIHTC projects being reported in the last decade, the relatively stable population and gradual income growth suggest that the existing affordable housing stock may be meeting current needs. However, the changing racial demographics may indicate evolving housing needs that could require attention in future housing policies.
Newport's LIHTC-funded affordable housing inventory, while modest, provides an essential resource for low-income residents. The city has utilized federal funding to create a diverse range of unit types across several projects. Although no new LIHTC projects have been reported recently, the existing inventory continues to play a significant role in the city's housing landscape. As Newport's demographics continue to evolve, ongoing assessment of affordable housing needs will be crucial to ensure the city can adequately support its low-income population.
