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Affordable Housing in Providence Square: A Single LIHTC Project's Impact on a Changing 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
Providence Square, a neighborhood in Winston-Salem, North Carolina, has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. Chestnut Plains Apartments provides 24 low-income units, all two-bedroom apartments. Based on the 2022 population of 391 and using the national average household size, the estimated housing inventory for the neighborhood is approximately 150 units. The LIHTC funded affordable housing covers about 16% of the neighborhood's estimated housing inventory, aligning with the target percentage for a well-balanced community.
The LIHTC program has contributed $80,463 in tax credits to Providence Square's affordable housing project. This translates to an average federal funding of $3,352.63 per unit. Chestnut Plains Apartments, completed in 1990, represents the beginning of LIHTC-funded affordable housing in this neighborhood. This single project from the 1990s continues to serve as the area's primary LIHTC-funded affordable housing resource.
All 24 units in the Chestnut Plains Apartments are two-bedroom units, suggesting a focus on accommodating small families or households with multiple occupants. The project does not have a specified target population, indicating it may serve a general low-income demographic.
Over the past decade, Providence Square has experienced significant demographic shifts. The population has fluctuated, reaching a peak of 587 in 2020 before decreasing to 391 in 2022. This volatility in population could impact the demand for affordable housing.
Median income in the neighborhood has shown variability, ranging from a low of $22,352 in 2015 to a high of $30,917 in 2014. As of 2022, the median income stood at $24,679, which is relatively low and suggests a continued need for affordable housing options.
The racial composition of Providence Square has remained predominantly Black over the past decade, with the percentage increasing from 81% in 2013 to 94% in 2022. This demographic consistency may influence the types of community services and support needed in conjunction with affordable housing.
Providence Square's affordable housing landscape is characterized by a single LIHTC project that has been serving the community for over three decades. The 24 low-income units provided by Chestnut Plains Apartments represent a significant portion of the neighborhood's estimated housing inventory. While the project aligns with recommended affordable housing percentages, the neighborhood's fluctuating population, consistently low median income, and demographic composition suggest an ongoing need for affordable housing solutions. The stability of this single project over time highlights its importance to the community, but also raises questions about whether additional affordable housing initiatives might be beneficial to address the evolving needs of Providence Square's residents.
