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Affordable Housing in Southside, Jonesboro: Two Decades of LIHTC Impact Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Southside neighborhood in Jonesboro, Arkansas, has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, contributing to the area's housing diversity. This project, Caraway Commons, provides 132 units, with 13 designated as low-income units. Based on the 2022 population of 12,276 and using the national average household size, there are approximately 4,703 housing units in the neighborhood. The LIHTC funded affordable housing comprises about 2.8% of the estimated housing inventory in Southside.
The LIHTC program has invested $1,080,697 in tax credits for affordable housing in Southside. This equates to an average federal funding of $8,187 per unit in the LIHTC-funded project. Caraway Commons, completed in 2001, is the only LIHTC project in the neighborhood, representing over two decades of affordable housing presence in Southside.
The project offers a mix of unit types, with 12 one-bedroom, 36 two-bedroom, and 84 three-bedroom units. This distribution indicates a focus on accommodating families of various sizes within the affordable housing complex.
Southside has experienced significant demographic shifts over the past decade. The population has grown from 9,423 in 2015 to 12,276 in 2022, indicating increased housing demand. Median income has risen from $44,081 in 2015 to $56,703 in 2022, potentially impacting affordable housing needs.
Racial demographics have also changed. The white population decreased from 74% in 2015 to 64% in 2022, while the Black population increased from 12% to 26% during the same period. The Hispanic population grew from 2% to 7%. These changes suggest growing diversity in the neighborhood, which may influence future affordable housing needs.
Despite these demographic changes, no new LIHTC projects have been developed in the last decade. This could be due to various factors, including the rising median income or potential alternative affordable housing initiatives not captured in this data.
Southside's affordable housing landscape is characterized by a single LIHTC project, Caraway Commons, which has been part of the community for over 20 years. While this project contributes to the neighborhood's housing diversity, it represents a small portion of the estimated housing stock. The area has seen significant population growth and demographic shifts in recent years, potentially influencing future affordable housing needs. The absence of new LIHTC developments in the past decade, despite these changes, suggests that other factors or housing programs may be addressing the community's evolving housing requirements.
