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Affordable Housing in St. Louis' Academy Neighborhood: Three Decades of LIHTC Impact
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 Academy neighborhood in St. Louis, Missouri, features Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 27 total units, all designated as low-income units. Based on the 2022 population of 2,112 and the estimated 809 housing units, LIHTC funded affordable housing represents approximately 3.34% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $102,269 in tax credits for affordable housing projects in the Academy neighborhood. This equates to an average federal funding of $3,788 per unit. The neighborhood has had LIHTC-funded affordable housing since 1989, with the first project being "5201-03 Cates." The most recent project, "Places At 5235 Page Properties," was completed in 2011, indicating over two decades of affordable housing development in the area.
The 2010s saw the most recent affordable housing development in the Academy neighborhood, with the completion of "Places At 5235 Page Properties" in 2011. This project added 23 low-income units to the neighborhood's affordable housing inventory.
The available data shows a limited breakdown of unit types, with 2 two-bedroom units and 2 four-bedroom units accounted for. This suggests a mix of housing options for different family sizes, though the majority of unit types are not specified in the provided information.
Over the past decade, the Academy neighborhood has experienced a significant population decline, from 2,925 residents in 2013 to 2,112 in 2022. Despite this decrease, the median income has shown an upward trend, rising from $19,227 in 2013 to $34,588 in 2022. This increase in median income might partially explain the lack of new LIHTC projects in recent years.
The racial composition of the neighborhood has remained predominantly Black, though the percentage has decreased slightly from 96% in 2013 to 86% in 2022. There has been a small increase in racial diversity, with the percentage of residents identifying as two or more races growing from 0% to 7% during this period.
The Academy neighborhood's LIHTC-funded affordable housing inventory, while modest in size, has been a consistent presence for over three decades. The 27 low-income units represent a small but important portion of the neighborhood's housing stock. Despite population decline, rising median incomes suggest changing economic conditions in the area. The lack of recent LIHTC developments may be influenced by these demographic shifts, though further analysis would be needed to determine if this trend aligns with the current affordable housing needs of the community.
