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Affordable Housing in Spring City: Analyzing LIHTC Impact on a Small Tennessee Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Spring City, Tennessee, a small town with a population of 6,958 as of 2022, has implemented the Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The town has one LIHTC-funded project, Valley View Apartments, which provides 40 units, including 4 designated as low-income. This project represents approximately 1.5% of the city's estimated 2,666 housing units.
The LIHTC program has allocated $29,012 in tax credits for affordable housing in Spring City, averaging $725.30 per unit in federal funding. This allocation constitutes 0.01% of Tennessee's total state funding for LIHTC projects. Valley View Apartments, completed in 1989, remains the sole LIHTC-funded affordable housing project in Spring City, demonstrating a three-decade commitment to addressing community housing needs.
The LIHTC-funded project in Spring City comprises 4 one-bedroom units and 36 two-bedroom units, catering to small families and individuals requiring affordable housing options. This distribution reflects an effort to accommodate diverse household sizes within the community.
Demographic trends in Spring City over the past decade reveal fluctuations in population growth. The population increased from 6,142 in 2019 to 6,958 in 2022, indicating recent growth. Median income also varied, rising from $33,898 in 2019 to $45,905 in 2022, suggesting improved economic conditions for some residents.
Racial demographics in Spring City have remained relatively stable over the past decade. The white population consistently represents the majority at approximately 96-98% of residents. The town maintains small percentages of Black, Hispanic, and multiracial residents, typically ranging from 1-2% each.
Spring City's LIHTC-funded affordable housing project, though limited in scale, has been a consistent component of the town's housing landscape. Recent population growth and median income fluctuations indicate ongoing changes in community demographics and potential housing needs. Continued monitoring of these trends will be essential in assessing future affordable housing requirements and potential expansion of LIHTC-funded projects in Spring City.
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