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Affordable Housing in Stamford's Waterside: Two 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 Waterside neighborhood in Stamford, Connecticut exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 297 total units in LIHTC funded projects, with 221 designated as low-income units. Based on the 2022 population of 8,430 and using the national average household size, the estimated housing units in the neighborhood are approximately 3,230. The LIHTC funded affordable housing comprises about 9.2% of the estimated housing inventory, representing a substantial contribution to the area's affordable housing stock.
The neighborhood features four LIHTC funded projects: Southfield Village Square II, Southfield Village LP III, Southfield Village Southwood Square I, and Southwood Square I. The earliest known completion date among these projects is 2003 for Southfield Village Square II, followed by Southfield Village LP III in 2005. This indicates that affordable housing has been present in the neighborhood for at least two decades.
The LIHTC funded projects offer a diverse distribution of unit sizes, including 65 one-bedroom units, 132 two-bedroom units, 53 three-bedroom units, and 20 four-bedroom units. This variety suggests an effort to accommodate different household sizes and needs within the affordable housing stock.
The Waterside neighborhood has experienced demographic shifts over the past decade. The population has fluctuated, with a notable increase from 5,159 in 2021 to 8,430 in 2022. Median income has remained relatively stable, ranging from approximately $94,000 to $100,000 in recent years.
Racial distribution trends show changes. The Hispanic population, which was the largest group for several years, decreased from 45% in 2018 to 34% in 2022. The white population increased from 29% in 2020 to 35% in 2022, becoming the largest racial group. The Black population has remained relatively stable, around 25-30% over the past decade. These demographic shifts, particularly the recent population increase, may indicate a growing need for affordable housing options in the neighborhood. The stable median income suggests that a segment of the population could benefit from affordable housing initiatives.
The Waterside neighborhood in Stamford, Connecticut has a significant LIHTC funded affordable housing presence, with 297 total units, representing about 9.2% of the estimated housing inventory. The affordable housing stock includes a variety of unit sizes to accommodate different household needs. The demographic trends, including shifts in racial composition and a stable median income, suggest an ongoing need for affordable housing options in the area. The LIHTC program has played a crucial role in providing affordable housing in this neighborhood for at least two decades, contributing to its diverse housing landscape.
