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Affordable Housing in Riverside, Wichita: LIHTC's Impact on a Growing 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
Riverside, a neighborhood in Wichita, Kansas, has a distinct affordable housing landscape. The Low-Income Housing Tax Credit (LIHTC) program has funded 36 affordable housing units in this area, all of which are designated as low-income units. Based on the 2022 population of 11,934 and using the national average household size of 2.61, there are approximately 4,572 housing units in the neighborhood. The LIHTC-funded affordable housing represents about 0.79% of the estimated housing inventory in Riverside.
The LIHTC program has invested $305,394 in tax credits for affordable housing in Riverside. This translates to an average federal funding of approximately $8,483 per unit. The neighborhood's LIHTC-funded affordable housing is concentrated in a single project, Elizabeth Estates Phase II, which was completed in 2006. This project has been providing affordable housing options in Riverside for over 15 years.
Elizabeth Estates Phase II consists of 36 three-bedroom units, indicating a focus on accommodating families or larger households. The project does not have any efficiencies, one-bedroom, two-bedroom, or four-bedroom units, suggesting a specific target demographic for this affordable housing development.
Over the past decade, Riverside has experienced significant population growth, increasing from 8,065 in 2013 to 11,934 in 2022. This 48% population increase may indicate a growing demand for housing in the area, including affordable options.
The median income in Riverside has fluctuated over the years, reaching a peak of $55,092 in 2019 before declining to $44,873 in 2022. This recent decrease in median income could potentially indicate an increased need for affordable housing options in the neighborhood.
Racial demographics in Riverside have remained relatively stable, with the white population being the majority throughout the decade, although decreasing slightly from 80% in 2013 to 72% in 2022. The Hispanic population has seen a notable increase from 8% in 2013 to 13% in 2022, while the Black population has grown from 1% to 5% during the same period. These shifts in racial composition may influence the diverse housing needs of the community.
Riverside's LIHTC-funded affordable housing inventory, while limited to one project, provides 36 three-bedroom units for low-income residents. The neighborhood has experienced substantial population growth and income fluctuations over the past decade, which may indicate an evolving need for affordable housing options. The changing racial demographics of Riverside suggest a potentially diverse set of housing requirements for its residents. While the LIHTC program has made a contribution to affordable housing in this neighborhood, the current inventory represents a small fraction of the estimated housing units, indicating potential opportunities for further affordable housing development to meet the community's needs.
