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Affordable Housing in Southaven: LIHTC's Impact on Mississippi's Growing City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Southaven, Mississippi, a city in DeSoto County, has 916 units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 908 designated as low-income units. This represents approximately 4.3% of the city's estimated 21,164 housing units. Southaven has received $1,020,918 in project tax credits through the LIHTC program, averaging $204,184 per project and $1,114 per unit. This funding represents 0.38% of the total state credits allocated to Mississippi.
The LIHTC-funded affordable housing in Southaven spans from 1996 to 2003. The first projects, Oak Ridge Apartments and Pine Ridge Apartments, were completed in 1996. The most recent project, Hampton Park Apartments, was finished in 2003. The early 2000s saw the most activity, with three projects completed between 2000 and 2003: Bradford Park Apartments (2000), Terrace Park Apartments (2001), and Hampton Park Apartments (2003).
The LIHTC projects in Southaven offer a mix of housing options, including 110 one-bedroom units, 461 two-bedroom units, and 185 three-bedroom units, catering to various family sizes and needs.
Southaven's population has grown steadily over the past decade, increasing from 50,108 in 2013 to 55,238 in 2022. The median income has risen from $65,929 in 2013 to $69,901 in 2022, indicating overall economic improvement. Racial demographics have shifted notably, with the white population decreasing from 68% in 2013 to 55% in 2022, while the Black population increased from 21% to 36% during the same period. The Hispanic population has remained relatively stable at around 4-5%.
Despite these demographic changes and population growth, no new LIHTC projects have been recorded since 2003. This could be due to various factors, including changes in local housing policies, availability of other affordable housing programs, or shifts in development priorities.
Southaven's LIHTC-funded affordable housing inventory provides a foundation of 908 low-income units. The city received over $1 million in tax credits, supporting approximately 5 projects over a seven-year period from 1996 to 2003. The housing mix predominantly features two-bedroom units, followed by three-bedroom and one-bedroom options. While demographic shifts and population growth have occurred since the last LIHTC project was completed, the city's affordable housing landscape may have evolved through other programs or initiatives not captured in this data.
