Affordable Housing in Otter Creek Crystal: Two Decades of LIHTC Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
Otter Creek Crystal, a neighborhood in Little Rock, Arkansas, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 418 units in LIHTC funded projects, with 250 designated as low-income units. Based on the 2022 population of 17,316 and using the national average household size, the estimated housing inventory for the neighborhood is approximately 6,634 units. The LIHTC funded affordable housing comprises about 6.3% of this estimated housing inventory, indicating a substantial contribution to the neighborhood's affordable housing stock.
The LIHTC program has invested $839,647 in tax credits for affordable housing projects in Otter Creek Crystal. This equates to an average federal funding of approximately $2,009 per unit across all LIHTC funded projects in the neighborhood. The first LIHTC projects in the area, West Wood Apartments I & II and Westwood Apts Phases I & II, were completed in 1998. The most recent project, Chapel Ridge of Little Rock II, was completed in 2004. This indicates that affordable housing has been present in the neighborhood for over two decades, with the most active period for LIHTC development occurring from the late 1990s to early 2000s.
The LIHTC funded housing in Otter Creek Crystal offers a range of unit types. There are 116 one-bedroom units, 270 two-bedroom units, and 32 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized households.
Over the past decade, Otter Creek Crystal has experienced population growth, with the population increasing from 14,206 in 2013 to 17,316 in 2022. The median income has fluctuated, rising from $60,721 in 2013 to a peak of $72,882 in 2021, before decreasing to $63,759 in 2022. Racial demographics have shown shifts. The Black population percentage has increased from 34% in 2013 to 39% in 2022, while the White population percentage has decreased from 55% to 50% over the same period. The Hispanic population has remained relatively stable, increasing slightly from 6% to 8%.
These demographic changes, particularly the population growth and income fluctuations, may indicate an ongoing need for affordable housing in the neighborhood. However, no new LIHTC projects have been completed in the last decade, which could suggest that other affordable housing initiatives may be addressing this need or that there are challenges in developing new LIHTC projects in the area.
Otter Creek Crystal has a significant LIHTC funded affordable housing presence, with 418 total units representing about 6.3% of the estimated housing inventory. The neighborhood saw LIHTC development activity from 1998 to 2004, providing a mix of unit types to accommodate various household sizes. While the population has grown and demographics have shifted over the past decade, no new LIHTC projects have been completed in recent years. The analysis reveals a complex picture of housing needs and affordable housing provision in Otter Creek Crystal, highlighting the importance of continued attention to affordable housing in this evolving neighborhood.
