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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Summerville, South Carolina, a town near Charleston, has 555 total units of Low-Income Housing Tax Credit (LIHTC) funded affordable housing, with 446 designated as low-income units. This comprises approximately 1.43% of the city's estimated 38,921 housing units. The city has received $3,112,471 in project tax credits for affordable housing through the LIHTC program, spread across approximately 7 projects. This translates to an average of $444,639 in federal funding per project and $5,608 per unit. Summerville's share of the total state LIHTC funding is 0.8%.
The first LIHTC project in Summerville, Summerville Villas, was completed in 1997, while the most recent project, Villas At Oakbrook, was finished in 2018. This demonstrates a 21-year span of affordable housing development in the city. The 2010s saw the most affordable housing projects completed, with three developments: Summerville Garden (2013), Lake Pointe (2014), and Villas At Oakbrook (2018).
The LIHTC-funded housing in Summerville offers a diverse range of unit types, including 99 one-bedroom, 255 two-bedroom, 174 three-bedroom, and 8 four-bedroom units. This distribution caters to various family sizes and needs within the low-income population. One notable project, Villas At Oakbrook, completed in 2018, targets older persons, addressing the specific needs of the senior population.
Summerville's population increased from 89,375 in 2013 to 101,583 in 2022, a growth of 13.7%. This population growth may have contributed to the need for additional affordable housing projects during this period. The median income in Summerville has shown an upward trend, rising from $62,191 in 2013 to $68,893 in 2022. Despite this increase, the continued development of LIHTC projects suggests an ongoing need for affordable housing options in the growing community.
Racial demographics in Summerville have remained relatively stable over the past decade, with a slight decrease in the white population (from 71% in 2013 to 66% in 2022) and small increases in other racial groups. This gradual diversification may influence the demand for affordable housing across different communities.
Summerville's LIHTC-funded affordable housing inventory, while modest in proportion to the city's overall housing stock, has steadily grown over the past two decades. The city has leveraged federal funding to create a diverse range of affordable units, including specialized housing for older persons. The continued development of LIHTC projects, particularly in the 2010s, aligns with the city's population growth and changing demographics. While the median income has increased, the ongoing investment in affordable housing suggests a persistent need for low-income housing options in this growing South Carolina town.