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Affordable Housing in Spring, Texas: LIHTC Funding and 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
Spring, Texas, has a population of 73,085 as of 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 290 total units, with 162 designated as low-income units. This represents approximately 1.04% of the city's estimated 28,002 housing units.
Spring has received $160,755 in project tax credits from the LIHTC program. With two projects, this averages $80,378 per project or $554 per unit. The city accounts for 0.14% of the total state funding for LIHTC projects in Texas.
The first LIHTC project in Spring, Timber Run Apartments, was constructed in 2002, while the most recent project, Spring Trace, was completed in 2014. This 12-year span of affordable housing development saw the most recent project completion in the 2010s. The LIHTC funded projects offer 9 one-bedroom units and 89 two-bedroom units, indicating a focus on accommodating small families or couples.
Spring's population increased from 71,893 in 2021 to 73,085 in 2022. The median income rose from $79,884 in 2021 to $81,641 in 2022, suggesting improving economic conditions for residents.
Racial demographics have shifted, with the Hispanic population increasing from 36% in 2020 to 40% in 2022. The White population decreased from 38% to 33% during the same period, while the Black population remained relatively stable at 20-21%. These demographic changes may influence future affordable housing needs in the city.
Spring's LIHTC funded affordable housing inventory provides important housing options for low-income residents. The city has seen two LIHTC projects developed over a 12-year period, focusing on one and two-bedroom units. Recent demographic trends, including population growth and shifts in racial composition, may impact future affordable housing needs. Monitoring these trends will be crucial for addressing the housing requirements of Spring's diverse population.
