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Affordable Housing in Woodfield: LIHTC Program Impact 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
Woodfield, a South Carolina locality, exhibits a distinctive affordable housing landscape influenced by the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded affordable housing inventory comprises 158 total units, with 104 designated as low-income units. This inventory represents approximately 4.3% of the city's estimated 3,652 housing units.
Woodfield has received $2,242,641 in project tax credits through the LIHTC program. With three projects, this equates to an average federal funding of $747,547 per project and $14,194 per unit. Woodfield accounts for 0.57% of South Carolina's total LIHTC funding, indicating a notable contribution to the state's affordable housing initiatives.
The city's LIHTC-funded affordable housing development occurred between 2012 and 2020. Arcadia Park, completed in 2012, was the first project, while Oneil Pointe, finished in 2020, was the most recent. The 2010s marked the period of most significant affordable housing development activity in Woodfield.
The affordable housing inventory in Woodfield includes 12 one-bedroom units, 68 two-bedroom units, 54 three-bedroom units, and 6 four-bedroom units. This distribution addresses various household sizes and needs within the community.
Woodfield's population has shown a general downward trend, decreasing from 10,128 in 2010 to 9,532 in 2022. The median income has also fluctuated, declining from $48,689 in 2013 to $42,611 in 2022. These economic changes may have influenced the demand for affordable housing in the area.
The racial composition of Woodfield has undergone significant changes. The Black population increased from 49% in 2013 to 58% in 2022, while the White population decreased from 25% to 14% during the same period. The Hispanic population remained relatively stable, ranging from 14% to 20% over the years. These demographic shifts may have impacted the demand for affordable housing and the types of units required.
Woodfield's LIHTC-funded affordable housing inventory constitutes a small but significant portion of its housing stock. The city has received substantial federal funding for affordable housing projects, contributing to a diverse range of unit types. The development of these projects coincides with demographic shifts, including population fluctuations, income changes, and evolving racial composition. These factors collectively shape the affordable housing landscape in Woodfield, reflecting the community's changing needs and dynamics.
