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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Smyrna, Tennessee, a town southeast of Nashville, has implemented affordable housing through the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded affordable housing inventory comprises 432 total units, with 108 designated as low-income units. This represents approximately 1.45% of Smyrna's estimated 29,778 housing units.
Smyrna has received $3,491,679 in project tax credits through the LIHTC program, distributed across six projects. The average funding per project is $581,946, with an average federal funding of $8,083 per unit. Smyrna's LIHTC funding accounts for 0.76% of Tennessee's total, indicating a notable contribution to the state's affordable housing efforts.
The city's involvement with LIHTC-funded affordable housing began in 1989 with the Sam Davis Road SFD project and continued through 2016 with the Imperial Garden Apartments. This 27-year span demonstrates a long-term commitment to affordable housing in Smyrna. The 2010s saw the most activity, with four out of six projects completed during this decade, including Sherwood Forest (2010), The Park At Leigh Springs (2013), and Imperial Garden Apartments (2016).
The LIHTC-funded housing in Smyrna offers various unit types, including 28 one-bedroom units, 257 two-bedroom units, and 140 three-bedroom units, catering to different household sizes and needs.
Smyrna's population increased from 62,396 in 2013 to 77,721 in 2022, a 24.5% growth. This population increase may have contributed to the need for additional affordable housing options. The median income in Smyrna rose from $66,634 in 2013 to $72,755 in 2022. This increase might indicate a growing economy, but it could also suggest a widening gap between high and low-income residents, potentially increasing the need for affordable housing.
Racial demographics in Smyrna have shifted over the past decade. The white population decreased from 76% in 2013 to 65% in 2022, while the Black population increased from 9% to 14%, and the Hispanic population grew from 8% to 11%. This diversification may have influenced the demand for various types of affordable housing options.
Smyrna's LIHTC-funded affordable housing inventory represents a consistent effort to provide affordable options for its residents. The city has implemented LIHTC projects over nearly three decades, with increased activity in the 2010s. This aligns with the city's population growth and changing demographics, suggesting an ongoing need for diverse and affordable housing options. The distribution of unit types indicates an effort to accommodate various household sizes, reflecting the evolving needs of Smyrna's residents.