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Affordable Housing in Penrose: A Three-Decade Presence Amidst 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
Penrose, a neighborhood in St. Louis, Missouri, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood has 34 total units in LIHTC funded projects, with 28 of these designated as low-income units. Based on the 2022 population of 4,684 and using the national average household size, there are approximately 1,795 housing units in Penrose. The LIHTC funded affordable housing covers about 1.9% of the estimated housing inventory in the neighborhood.
The LIHTC projects in Penrose have received $241,000 in project tax credits, averaging about $7,088 per unit. Affordable housing has been a part of Penrose for over three decades, with the first LIHTC project, "4134-40 North Kings Highway," completed in 1988, and the most recent, "North Newstead IV," in 2006. The 1990s saw the most activity in LIHTC project completions, with "JMJ One of St. Louis" in 1991 and "P-W Apts" in 1992.
The LIHTC funded projects include at least 9 two-bedroom units and 4 three-bedroom units, indicating a mix of housing options for different family sizes.
Over the past decade, Penrose has experienced a significant population decline, from 5,594 residents in 2017 to 4,684 in 2022. Despite this decrease, the median income has shown a notable increase, rising from $23,084 in 2017 to $35,213 in 2022. This trend suggests an improving economic situation for the remaining residents.
The racial composition of Penrose has remained relatively stable, with a predominantly Black population (95% in 2022). There has been a slight increase in diversity, with small increases in the Hispanic, Pacific Islander, and White populations.
The lack of new LIHTC projects in the last decade could be related to the declining population and increasing median income, potentially indicating a reduced need for additional low-income housing units.
Penrose's LIHTC funded affordable housing inventory, while modest in size, has been a consistent presence in the neighborhood for over 30 years. The community has experienced demographic shifts, including population decline and income growth, which may have influenced the lack of recent LIHTC developments. The existing LIHTC projects continue to provide important affordable housing options for the community, covering nearly 2% of the estimated housing inventory.
