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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Newport, Tennessee, a city with a population of 14,962 as of 2022, has an affordable housing inventory funded by the Low-Income Housing Tax Credit (LIHTC) program. This inventory comprises 167 total units, of which 140 are designated as low-income units. The LIHTC-funded affordable housing represents approximately 2.9% of the city's estimated housing stock of 5,733 units.
Newport has received $483,275 in project tax credits from the LIHTC program for affordable housing. With approximately 6 projects, this translates to an average federal funding of $80,546 per project and $2,894 per unit. The city holds 0.11% of the total state LIHTC funding.
The affordable housing development in Newport spans from 1988 to 2005, with Suncrest Apartments being the first project built and River Ridge being the most recent. This 17-year period demonstrates a sustained commitment to affordable housing in the city. The 1990s saw the most affordable housing projects completed, including Mountain View Apartments, Newport Village Apartments, Newport Manor Apartments, and River Rest Apartments.
The LIHTC-funded projects in Newport provide diverse housing options. Out of the 167 total units, there are 44 one-bedroom units, 70 two-bedroom units, and 17 three-bedroom units. This distribution accommodates various household sizes and needs within the community.
Over the past decade, Newport's population has slightly declined, decreasing from 15,455 in 2014 to 14,962 in 2022. However, the median income has increased from $30,960 in 2014 to $36,749 in 2022, indicating some economic growth. The racial composition has remained relatively stable, with a slight decrease in the white population (from 92% to 89%) and small increases in Hispanic (2% to 4%) and multiracial (1% to 4%) populations. These demographic shifts may influence future affordable housing needs in the city.
Newport's LIHTC-funded affordable housing inventory, while modest at 2.9% of the estimated housing stock, represents a long-term commitment to providing low-income housing options. The city has utilized federal funding to create a diverse range of unit types across six projects over nearly two decades. As the city's demographics continue to evolve, with rising median incomes and slight changes in racial composition, ongoing assessment of affordable housing needs will be crucial to ensure the community's changing requirements are met.