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Affordable Housing in Pigeon Forge: LIHTC Impact 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
Pigeon Forge, Tennessee, a city known for its tourism industry, has a specific affordable housing situation. The Low-Income Housing Tax Credit (LIHTC) program has funded 50 units in the city, with 5 designated as low-income units. Based on the 2022 population of 11,022 and an estimated 4,223 housing units, LIHTC-funded affordable housing comprises approximately 1.18% of the city's estimated housing inventory.
Pigeon Forge has received $265,795 in project tax credits through the LIHTC program. With one project, this equates to an average federal funding of $265,795 per project and $5,316 per unit. The city holds 0.06% of the total state LIHTC funding, indicating a small share of Tennessee's affordable housing initiatives.
The sole LIHTC-funded project in Pigeon Forge is Meadow Creek Apartments, completed in 1999. This project has provided affordable housing options in the city for over two decades. The project includes 8 one-bedroom, 26 two-bedroom, and 16 three-bedroom units, offering a range of housing options for different household sizes.
Pigeon Forge's population has remained relatively stable over the past decade, with minor fluctuations. The median income has increased significantly, rising from $39,938 in 2017 to $60,365 in 2022. This upward trend in median income may suggest a decreasing need for affordable housing, but income inequality and housing costs could still necessitate affordable options for a portion of the population.
The racial composition of Pigeon Forge has experienced some changes in recent years. The city remains predominantly white, but there has been a gradual increase in diversity. The Hispanic population has grown from 5% in 2017 to 13% in 2022. This demographic shift could potentially influence future affordable housing needs in the city.
Pigeon Forge's LIHTC-funded affordable housing inventory, while modest in size, has been a consistent part of the city's housing landscape for over two decades. The single project, Meadow Creek Apartments, provides a variety of unit sizes to accommodate different household needs. Despite rising median incomes, the city's changing demographics and its role as a tourist destination may continue to influence the demand for affordable housing options. As Pigeon Forge evolves, ongoing assessment of affordable housing needs will be crucial to ensure a balanced and inclusive community.
