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Affordable Housing in Pleasant Valley: LIHTC's Long-term Impact on Austin 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
Pleasant Valley, a neighborhood in Austin, Texas, contains 280 affordable housing units funded by Low-Income Housing Tax Credit (LIHTC). These units constitute the entirety of the neighborhood's LIHTC-funded low-income housing. Based on the 2022 population of 13,889 and the national average household size of 2.61, the estimated housing inventory in Pleasant Valley is approximately 5,321 units. The LIHTC-funded affordable units represent 5.26% of this estimated housing stock, indicating a modest contribution to the neighborhood's affordable housing supply.
The presence of LIHTC-funded affordable housing in Pleasant Valley dates back to at least 1993, with the completion of the Austin Oaks project. The most recent known project, Country Club Creek, was completed in 1996. This suggests that affordable housing has been part of the neighborhood for nearly three decades. The 1990s witnessed the most LIHTC activity in Pleasant Valley, with two known projects completed during this period. Austin Oaks, completed in 1993, provides 68 low-income units, while Country Club Creek, finished in 1996, offers 212 low-income units.
The affordable housing inventory in Pleasant Valley primarily consists of one-bedroom and two-bedroom units. There are 49 one-bedroom units, 33 two-bedroom units, 6 three-bedroom units, and 12 four-bedroom units. This distribution indicates a focus on accommodating smaller households and families.
Pleasant Valley has experienced demographic shifts over the past decade. The population peaked in 2016 at 16,720 and has since decreased to 13,889 in 2022. Despite this population decline, the median income has shown a steady increase, rising from $28,339 in 2015 to $47,040 in 2022. The racial composition of the neighborhood has remained relatively stable, with Hispanic residents consistently comprising the largest group (around 50-52% of the population). The white population has fluctuated between 25-29%, while the Black population has slightly increased from 12% to 14% over the past decade.
The absence of new LIHTC projects in the last decade, combined with rising median incomes, may suggest a changing economic landscape in Pleasant Valley. However, with over half the population being Hispanic and median incomes still relatively modest, there may continue to be a need for affordable housing options.
Pleasant Valley's LIHTC-funded affordable housing inventory, while modest at 5.26% of estimated housing units, provides 280 low-income units to the community. The majority of these units were developed in the 1990s, with a mix of unit sizes catering to various household compositions. While the neighborhood has seen rising incomes and a slight population decrease in recent years, the persistent diversity and moderate income levels suggest an ongoing need for affordable housing options. The existing LIHTC projects continue to play a role in meeting this need, though they represent only a portion of the overall affordable housing landscape in Pleasant Valley.
