Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Savannah, Tennessee, possesses a distinct LIHTC-funded affordable housing inventory comprising 112 total units, all of which are designated as low-income. Based on the 2022 population of 9,303 and an estimated 3,564 housing units, the LIHTC-funded affordable housing represents approximately 3.14% of the city's estimated housing inventory.
The city has received $1,949,954 in project tax credits through the LIHTC program. With approximately 3 projects, this averages to about $649,985 per project. The average federal funding per unit is approximately $17,410. Savannah holds 0.42% of Tennessee's total LIHTC funding.
Savannah's affordable housing development spans from 2004 to 2020, with May Rose Place Apartments being the first project and Savannah Village the most recent. The 2020s saw the most significant affordable housing development, with Savannah Village completing 48 units that year.
The affordable housing inventory in Savannah consists of 16 one-bedroom units, 80 two-bedroom units, and 16 three-bedroom units. This distribution indicates a focus on accommodating small to medium-sized families.
Over the last decade, Savannah's population has grown from 8,673 in 2013 to 9,303 in 2022. The median income has fluctuated, peaking at $42,367 in 2019 before declining to $38,261 in 2022. This recent decrease in median income may indicate an increasing need for affordable housing options.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 89% in 2013 to 85% in 2022. There has been a small increase in diversity, particularly in the Hispanic population (from 1% to 6%) and those identifying as two or more races (from 0% to 5%). This gradual shift in demographics may influence future affordable housing needs and planning.
Savannah's LIHTC-funded affordable housing represents a small but significant portion of its housing inventory. The city has seen consistent development of affordable housing over nearly two decades, with the most recent project completed in 2020. The focus on two-bedroom units suggests an emphasis on accommodating families. While the population has grown steadily, recent declines in median income and subtle shifts in racial demographics may influence future affordable housing needs. The city's share of state LIHTC funding indicates ongoing commitment to affordable housing development, which may continue to evolve with changing demographic trends.