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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Rossville, a small town in Tennessee, has a specific affordable housing landscape influenced by the Low-Income Housing Tax Credit (LIHTC) program. The town's LIHTC-funded affordable housing inventory comprises 36 units, all designated as low-income units. This inventory contributes to the town's estimated housing stock of 868 units, based on the 2022 population of 2,265 and the national average household size.
The LIHTC-funded affordable housing represents approximately 4.15% of the estimated housing units in Rossville. This percentage is below the ideal target of 15-20% for affordable housing stock, though other programs may contribute to the overall affordable housing inventory in the town.
Rossville has received $188,805 in project tax credits through the LIHTC program. With one approximate project, this translates to an average federal funding of $188,805 per project. When divided by the total number of units, it equates to an average of $5,244.58 per unit in federal funding.
The town holds 0.04% of Tennessee's total LIHTC funding, indicating a relatively small share of the state's affordable housing resources. The sole LIHTC project in Rossville, Rossville Manor, was completed in 2011, marking the beginning of LIHTC-funded affordable housing in the town.
All 36 units in Rossville's LIHTC-funded project are one-bedroom units, suggesting a focus on housing for individuals or small households. The project does not have a specified target population, indicating it may serve a general low-income population.
Over the past decade, Rossville's population has fluctuated, with a notable increase from 1,938 in 2021 to 2,265 in 2022. The median income has shown a significant upward trend, rising from $44,490 in 2015 to $80,511 in 2022. This increase in median income might indicate a growing need for affordable housing options for lower-income residents who may be facing rising living costs.
Regarding racial demographics, the town has experienced some shifts. The white population percentage increased from 54% in 2015 to 66% in 2022, while the black population percentage decreased from 41% in 2015 to 23% in 2022. The Hispanic population saw a slight increase from 1% to 7% during this period. These demographic changes may influence the demand for affordable housing among different community groups.
Rossville's LIHTC-funded affordable housing, while modest in scale, plays a role in addressing the town's housing needs. The single project, Rossville Manor, provides 36 one-bedroom units, contributing to about 4.15% of the estimated housing stock. Despite the town's small share of state LIHTC funding, the project represents a significant investment in affordable housing for the community.
The town's rising median income and changing racial demographics over the past decade suggest evolving housing needs. While the LIHTC project has not expanded since 2011, the recent population growth and income changes may indicate a potential need for additional affordable housing options in the future. Continued monitoring of demographic trends and housing affordability will be crucial for Rossville to ensure its housing stock meets the needs of all residents.