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Affordable Housing in Palestine, Arkansas: LIHTC Impact on a Small City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Palestine in Arkansas has a small LIHTC-funded affordable housing inventory consisting of 18 units, all of which are designated as low-income. This accounts for approximately 4.62% of the city's estimated 390 housing units. The city has received $32,095 in project tax credits from the LIHTC program, averaging $32,095 per project and $1,783 per unit. Palestine's share of the total state funding for LIHTC projects in Arkansas is 0.02%.
The sole LIHTC project in Palestine is Alcott Manor, completed in 2003. This project has been providing affordable housing for nearly two decades. Alcott Manor comprises 18 units, including six one-bedroom, eight two-bedroom, and four three-bedroom apartments, accommodating various family sizes within the affordable housing framework.
Palestine has experienced population fluctuations over the past decade, with a general downward trend from 1,065 residents in 2014 to 1,018 in 2022. The median income has also declined, decreasing from $36,817 in 2014 to $28,308 in 2022. This reduction in income levels may indicate an increasing need for affordable housing options in the community.
The racial demographics of Palestine have shifted between 2014 and 2022. The white population percentage increased from 80% to 83%, while the black population decreased from 13% to 7%. The percentage of residents identifying as two or more races grew from 1% to 8%, indicating an increase in racial diversity.
In summary, Palestine's LIHTC-funded affordable housing inventory provides 18 low-income units through the Alcott Manor project, representing about 4.62% of the estimated housing stock. The city has experienced population fluctuations and a decline in median income over the past decade, potentially indicating an ongoing need for affordable housing options. The racial composition of the city has also changed, with an increase in racial diversity. These demographic trends suggest that continued attention to affordable housing needs may be beneficial for the community.
