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Affordable Housing in Parkway and Cherry Point: LIHTC Developments Shape Lubbock Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Parkway and Cherry Point neighborhood in Lubbock, Texas, features a significant proportion of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 450 affordable housing units, with 422 designated as low-income units. Based on the 2022 population of 7,873 and an estimated 3,016 housing units, LIHTC funded affordable housing comprises approximately 14.9% of the neighborhood's estimated housing inventory. This percentage aligns with the target range of 15-20% for affordable housing stock in a balanced community.
LIHTC funded affordable housing development in the neighborhood spans over a decade. The first project, Windcrest Estacado, was completed in 1999, and the most recent, Emory Senior Living Apts, was finished in 2011. The 2000s saw the most activity in affordable housing development, with Stone Hollow Village completed in 2006.
The affordable housing inventory in Parkway and Cherry Point offers a range of unit sizes to accommodate different household needs. The inventory includes 84 one-bedroom units, 64 two-bedroom units, 96 three-bedroom units, and 32 four-bedroom units. This variety caters to different family sizes and living arrangements within the low-income population.
Over the past decade, the neighborhood has experienced demographic changes. The population peaked in 2018 at 10,794 but decreased to 7,873 in 2022. Median income has shown overall growth, increasing from $32,973 in 2013 to $39,664 in 2022, despite some fluctuations.
Racial demographics have remained relatively stable. The Hispanic population has slightly increased from 43% in 2013 to 47% in 2022, while the Black population has decreased from 39% to 32% in the same period. The White population has seen a modest increase from 15% to 18%.
These demographic shifts, particularly the decreasing population and increasing median income, may indicate changing housing needs in the neighborhood. The stable presence of LIHTC projects over this period suggests they continue to play an important role in providing affordable housing options, especially as incomes have risen.
The Parkway and Cherry Point neighborhood demonstrates a significant commitment to affordable housing through its LIHTC funded projects. With 450 total units, of which 422 are low-income, these developments account for approximately 14.9% of the estimated housing inventory, aligning closely with recommended affordable housing targets. The neighborhood's affordable housing stock offers a diverse range of unit sizes, catering to various household needs. While demographic shifts have occurred over the past decade, including population decreases and median income increases, the presence of these LIHTC projects continues to provide crucial affordable housing options for the community.
