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Affordable Housing in Richmond's Randolph Neighborhood: 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
The Randolph neighborhood in Richmond, Virginia, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 141 units in LIHTC-funded projects, with 96 designated as low-income units. Based on the 2022 population of 3,200 and using the national average household size, the estimated housing inventory for the neighborhood is approximately 1,226 units. The LIHTC-funded affordable housing units represent about 11.5% of the estimated housing inventory, approaching the target percentage for a well-balanced community.
The LIHTC program has invested significantly in Randolph, with project tax credits totaling $489,817. This translates to an average federal funding of approximately $3,474 per unit across all LIHTC-funded projects in the neighborhood. Affordable housing has been part of Randolph's landscape for nearly two decades. The first LIHTC project, Randolph Village, was completed in 2003, while the most recent, 300 Randolph Street, was finished in 2008. This indicates a consistent commitment to affordable housing development in the neighborhood over time.
The 2000s were particularly active for affordable housing development in Randolph. Randolph Village, completed in 2003, is the larger of the two projects with 91 units, all designated as low-income. It offers a mix of two-bedroom (52 units) and three-bedroom (39 units) apartments, catering to families of various sizes. The 300 Randolph Street project, completed in 2008, added 50 more units to the neighborhood's affordable housing stock, with 5 of these being low-income units. This project focuses on smaller households, offering 2 efficiencies and 48 one-bedroom units.
Over the past decade, Randolph has experienced notable demographic shifts. The population has increased from 2,706 in 2013 to 3,200 in 2022, a growth of about 18%. This population growth may indicate an increasing demand for housing in the area. Median income in the neighborhood has also seen a significant rise, from $25,309 in 2013 to $50,185 in 2022, nearly doubling over this period. This increase in median income could potentially impact the need for affordable housing in the future.
The racial composition of Randolph has also evolved. The percentage of Black residents has decreased from 70% in 2013 to 54% in 2022, while the percentage of White residents has increased from 24% to 36% over the same period. The Hispanic population has also grown slightly, from less than 1% to 4%. These demographic changes may influence future affordable housing needs and strategies in the neighborhood.
The Randolph neighborhood in Richmond, Virginia, has a notable presence of LIHTC-funded affordable housing, with 141 total units representing about 11.5% of the estimated housing inventory. The neighborhood has seen two LIHTC projects completed in the 2000s, demonstrating a commitment to affordable housing development. Over the past decade, Randolph has experienced population growth, a significant increase in median income, and shifts in racial composition. These demographic changes, coupled with the existing affordable housing stock, will likely shape future housing needs and strategies in the neighborhood.
