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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Northbrook, a neighborhood in Jackson, Mississippi, possesses a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 376 total units in LIHTC-funded projects, with 372 designated as low-income units. Based on the 2022 population of 5,130 and using the national average household size, the estimated housing units in the neighborhood are approximately 1,966. LIHTC-funded affordable housing comprises about 19.1% of the estimated housing inventory, aligning with the target percentage for a well-balanced community.
The LIHTC program has invested $3,228,853 in tax credits for affordable housing projects in Northbrook. This equates to an average federal funding of $8,587 per unit. The neighborhood has maintained LIHTC-funded affordable housing since at least 2006, with the most recent project completed in 2008. This indicates over a decade of affordable housing presence in the area.
The 2000s witnessed the most significant affordable housing development in Northbrook, with two notable projects: Waverly Park Apartments, completed in 2006, and Grove Apartments, finished in 2008. The housing inventory includes a mix of unit sizes, with 104 one-bedroom, 152 two-bedroom, 40 three-bedroom, and 44 four-bedroom units, accommodating diverse family sizes and needs.
Grove Apartments, completed in 2008, specifically targets single-parent families. This focus addresses the unique challenges faced by this demographic, potentially providing supportive services or amenities tailored to their needs.
Over the past decade, Northbrook has experienced demographic shifts. The population decreased from 5,624 in 2015 to 5,130 in 2022, an 8.8% decline. Despite this population decrease, the median income has risen significantly, from $27,749 in 2015 to $40,510 in 2022, representing a 46% increase.
The racial composition of the neighborhood has remained relatively stable, with a predominantly Black population (91% in 2022). There has been a slight increase in diversity, with small increases in Asian, Hispanic, and multiracial residents.
The absence of new LIHTC projects in the last decade could be attributed to the rising median income and declining population, potentially indicating a reduced need for additional affordable housing units.
Northbrook's LIHTC-funded affordable housing inventory covers a significant portion of the estimated housing stock, aligning with recommended levels for a balanced community. The neighborhood has benefited from substantial federal investment in affordable housing, with projects catering to various family sizes and specific populations like single-parent families. While the population has slightly decreased over the past decade, median incomes have risen considerably. The stable racial composition and lack of recent LIHTC projects suggest that the current affordable housing stock may be meeting the community's needs, though ongoing monitoring of demographic trends will be crucial for future housing planning.