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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Southside neighborhood in Springfield, Missouri, features a modest presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 60 affordable housing units, with 48 classified as low-income units. Based on the 2022 population of 6,493 and an estimated 2,488 housing units, LIHTC funded affordable housing represents approximately 2.4% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $530,000 in tax credits for affordable housing projects in this neighborhood, averaging $8,833 per unit in federal funding. The Villas At Lark Pointe, completed in 2019, is the most recent and significant LIHTC project in the area. This development marks the introduction of LIHTC-funded affordable housing in the Southside neighborhood.
The Villas At Lark Pointe project comprises 24 one-bedroom units and 36 two-bedroom units, offering a variety of housing options for residents. This project is specifically designed to serve handicapped individuals, addressing a critical need within the community for accessible and affordable housing.
Over the past decade, the Southside neighborhood has undergone demographic changes. The population has fluctuated, reaching a peak of 7,328 in 2015 and decreasing to 6,493 in 2022. Median income has demonstrated an overall upward trend, increasing from $50,921 in 2013 to $60,691 in 2022, with intermittent fluctuations.
The racial composition of the neighborhood has remained predominantly white, consistently exceeding 90% throughout the decade. A slight increase in diversity has occurred, with small growth in the Black and Hispanic populations, each reaching 2% by 2022. The Asian population experienced a brief increase to 3% between 2016 and 2020 but has since declined.
The introduction of the LIHTC project in 2019 coincides with a period of relative population stability and rising median income in the neighborhood. This suggests that the affordable housing project may have been implemented to address housing needs for specific populations, such as handicapped individuals, rather than responding to overall economic decline.
The Southside neighborhood of Springfield, Missouri, has a modest LIHTC-funded affordable housing presence, with one project providing 60 units, 48 of which are designated as low-income. This project, completed in 2019, focuses on serving handicapped residents and offers a mix of one and two-bedroom units. While the LIHTC-funded housing comprises a small percentage of the estimated housing inventory, it addresses specific community needs. The neighborhood has experienced fluctuations in population and an overall increase in median income over the past decade, with the racial composition remaining predominantly white but showing slight increases in diversity.