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Affordable Housing in Soulard: LIHTC Impact on a Changing St. Louis 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
Soulard, a neighborhood in St. Louis, Missouri, contains 133 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, including 13 designated as low-income. These units represent approximately 12.8% of the estimated 1,041 housing units in Soulard. This percentage indicates a substantial contribution to affordable housing options in the area.
LIHTC projects in Soulard have received $382,910 in tax credits, averaging about $2,879 per unit across all 133 LIHTC-funded units. This investment demonstrates a significant federal commitment to affordable housing in the neighborhood. Affordable housing has been part of Soulard's landscape for over two decades, with the earliest LIHTC project completed in 1998 and the most recent in 2005.
The LIHTC-funded housing in Soulard primarily consists of one-bedroom units (102), followed by two-bedroom units (28), and three-bedroom units (3). This distribution suggests a focus on accommodating smaller households or individuals.
Soulard's population has remained relatively stable over the past decade, fluctuating between 2,600 and 2,900 residents. The median income has shown an upward trend, rising from $48,820 in 2013 to $64,592 in 2022, with a peak of $74,140 in 2019. This increase in median income might partially explain why no new LIHTC projects have been developed since 2005, as the neighborhood's overall economic profile has improved.
Racial demographics have shifted slightly, with the white population decreasing from 78% in 2013 to 72% in 2022, while the Black population has fluctuated, peaking at 28% in 2017 and settling at 15% in 2022. The Asian population has seen a modest increase from 0% to 4% over the same period. These changes suggest a gradual diversification of the neighborhood.
Soulard's LIHTC-funded affordable housing inventory, developed primarily between 1998 and 2005, provides a significant contribution to the neighborhood's housing diversity. The concentration on one-bedroom units aligns with the needs of smaller households. While no new LIHTC projects have been developed in recent years, possibly due to rising median incomes, the existing inventory continues to play a crucial role in maintaining affordable housing options in this evolving St. Louis neighborhood.
