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Affordable Housing in Savannah, Missouri: LIHTC Projects and Urban Demographics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Savannah, Missouri, exhibits a distinctive affordable housing landscape influenced by the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded affordable housing inventory comprises 76 units, all classified as low-income units. Based on the 2022 population of 6,384 and an estimated 2,446 housing units, LIHTC-funded affordable housing represents approximately 3.1% of the city's estimated housing inventory.
Savannah has received $490,159 in project tax credits through the LIHTC program. With three approximate projects, this translates to an average federal funding of $163,386 per project and $6,449 per unit. The city holds 0.14% of Missouri's total LIHTC funding, indicating a relatively small share of the state's affordable housing resources.
The LIHTC-funded affordable housing in Savannah spans from 2006 to 2007, with White Oak Manor being the first project completed in 2006, followed by Cedar Tree Apartments and Savannah Catalpa Tree Apartments in 2007. This suggests a concentrated period of affordable housing development in the mid-2000s.
The housing units are distributed as follows: 41 one-bedroom units, 23 two-bedroom units, and 12 three-bedroom units. This mix provides options for various household sizes, with a focus on smaller households.
Over the past decade, Savannah's population has shown a slight decline, decreasing from 6,758 in 2015 to 6,384 in 2022. The median income has fluctuated, reaching a peak of $55,656 in 2018 before settling at $49,057 in 2022. The racial composition of Savannah has remained predominantly white, with a slight increase in diversity as the percentage of residents identifying as two or more races grew from 0% in 2015 to 2% in 2022.
The absence of new LIHTC projects in the last decade could be attributed to the stable population and relatively steady median income, which may not have indicated a growing need for additional affordable housing units.
Savannah's LIHTC-funded affordable housing inventory, while modest in size, provides 76 low-income units to the community. The projects were concentrated in the mid-2000s, with no new developments in the past decade. The city's demographic trends, including a slight population decline and fluctuating median income, may have influenced the lack of recent LIHTC developments. The current LIHTC inventory covers a small percentage of the city's estimated housing units, contributing to the diversity of housing options available to Savannah's residents.
