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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Northside Park, a neighborhood in Blacksburg, Virginia, has a small inventory of LIHTC-funded affordable housing. The neighborhood contains 6 affordable units, all classified as low-income. Based on the 2022 population of 1,699 and an estimated 651 housing units, LIHTC-funded affordable housing comprises approximately 0.92% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $608,538 in tax credits for affordable housing projects in Northside Park. This equates to an average federal funding of $101,423 per unit. The neighborhood's affordable housing is represented by a single project, Fieldstone Senior, completed in 2018. This project marks the introduction of LIHTC-funded affordable housing in the area.
Fieldstone Senior consists of 6 units, with 4 one-bedroom and 2 two-bedroom apartments. This distribution indicates a focus on accommodating smaller households, potentially targeting seniors or small families.
Over the past decade, Northside Park has undergone significant demographic changes. The population increased from 1,398 in 2013 to 1,699 in 2022, showing a steady growth in residents. Median income has fluctuated, beginning at $80,736 in 2013, peaking at $91,299 in 2017, and declining to $77,003 in 2022.
The racial composition of the neighborhood has also evolved. The white population percentage decreased from 70% in 2013 to 80% in 2022, while the Asian population fluctuated between 3% and 14% during this period. The Black population increased from 7% in 2013 to 9% in 2020-2021, before returning to 7% in 2022. These demographic shifts may have influenced the decision to develop LIHTC-funded housing in 2018.
Northside Park's LIHTC-funded affordable housing inventory, though small, represents a recent addition to the neighborhood's housing landscape. The single project, Fieldstone Senior, completed in 2018, provides 6 low-income units, primarily consisting of one-bedroom apartments. This development coincides with a period of population growth and fluctuating median incomes in the neighborhood. The racial composition has also experienced changes, potentially reflecting evolving housing needs. While the LIHTC-funded units cover less than 1% of the estimated housing inventory, they signify an important step in addressing affordable housing needs in Northside Park.