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Affordable Housing in Parker Lane: LIHTC Investments and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Parker Lane, a neighborhood in Austin, Texas, contains 192 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, represent approximately 5.9% of the neighborhood's estimated 3,272 housing units, based on the 2022 population of 8,539.
The LIHTC program has invested $669,940 in tax credits for affordable housing projects in Parker Lane. This equates to an average federal funding of about $3,489 per unit. LIHTC developments in the neighborhood span nearly a decade, with the earliest project, Douglas Landings, completed in 1999, and the most recent, Cityview At The Park, finished in 2007.
The 2000s were the most active period for LIHTC development in Parker Lane, with two out of three projects completed during this decade. Rosemont Of Oak Valley was constructed in 2004, followed by Cityview At The Park in 2007. The affordable housing inventory in Parker Lane includes a diverse mix of unit types: 5 one-bedroom units, 28 two-bedroom units, 35 three-bedroom units, and 35 four-bedroom units. This distribution indicates a focus on accommodating families of various sizes within the affordable housing stock.
Parker Lane has experienced notable demographic shifts over the past decade. The population peaked in 2018 at 10,783 but decreased to 8,539 in 2022. Despite this population decline, the median income has shown an overall upward trend, increasing from $40,765 in 2013 to $47,507 in 2022.
Racial demographics have also changed. The Hispanic population has decreased from 55% in 2013 to 36% in 2022, while the white population has increased from 27% to 44% during the same period. The Black population has remained relatively stable, fluctuating between 9% and 15% over the decade.
These demographic changes, particularly the rising median income and shifting racial composition, may indicate evolving housing needs in the neighborhood. The absence of new LIHTC projects in the last decade could be related to these demographic shifts, possibly suggesting a reduced demand for new affordable housing units in recent years.
Parker Lane's LIHTC funded affordable housing inventory, covering 5.9% of the estimated housing stock, represents a significant investment in the community. The neighborhood's three LIHTC projects, developed between 1999 and 2007, provide 192 low-income units with a diverse mix of configurations to accommodate various household sizes. The area has experienced demographic changes over the past decade, including population fluctuations, increasing median income, and shifts in racial composition. These changes may have influenced the lack of new LIHTC developments in recent years, reflecting the dynamic nature of housing needs in urban neighborhoods.
