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Affordable Housing in North Main Historic: LIHTC's Impact on a Diverse Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The North Main Historic neighborhood in Hattiesburg, Mississippi, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 125 total units, all designated as low-income units. Based on the 2022 population of 2,160 and the estimated 827 housing units, LIHTC funded affordable housing represents approximately 15.1% of the neighborhood's estimated housing inventory. This percentage aligns with the target range of 15-20% for affordable housing stock in a well-balanced community.
The LIHTC program has invested $1,103,611 in tax credits for affordable housing projects in this neighborhood. This investment translates to an average federal funding of $8,829 per unit. The neighborhood has benefited from LIHTC funded affordable housing for over 16 years, with the first project, Vickers Estates, completed in 2004, and the most recent project, Preservation Crossing, finished in 2020.
The 2020s marked the decade with the most recent affordable housing development in the neighborhood. The housing inventory includes a diverse mix of unit types, with 56 one-bedroom units, 18 two-bedroom units, 28 three-bedroom units, and 23 four-bedroom units. This variety caters to different household sizes and needs within the community.
Over the past decade, the neighborhood's population has remained relatively stable, fluctuating between 2,000 and 2,500 residents. The median income has shown an upward trend, increasing from $26,491 in 2013 to $38,469 in 2022. This rise in median income may indicate a growing need for affordable housing options to maintain economic diversity in the neighborhood.
Racial demographics have remained fairly consistent, with the Black population comprising the majority at approximately 74% in 2022. The Hispanic population has shown a slight increase from 3% in 2013 to 6% in 2022, while the White population has remained steady at about 16%. The completion of Preservation Crossing in 2020 aligns with these demographic trends, potentially addressing the continued need for affordable housing in a diverse community.
The North Main Historic neighborhood demonstrates a balanced approach to affordable housing through its LIHTC funded projects. With 15.1% of the estimated housing inventory dedicated to affordable units, the neighborhood closely meets the target for a well-balanced community. The LIHTC program has provided significant investment over the years, supporting a diverse range of unit types to accommodate various household sizes. The most recent project in 2020 reflects ongoing efforts to maintain affordable housing options in line with the neighborhood's evolving demographics and rising median income.
