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Affordable Housing in Woodland Heights: Analysis of LIHTC Project 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
Woodland Heights, a neighborhood in Richmond, Virginia, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, Belle Summit, provides 5 low-income units, contributing to the neighborhood's affordable housing inventory. The estimated housing inventory in Woodland Heights is approximately 649 units as of 2022, based on the population of 1,693 and the national average household size. The LIHTC funded affordable housing comprises about 0.77% of the estimated housing units in the neighborhood.
The Belle Summit project received $621,682 in tax credits through the LIHTC program, equating to an average federal funding of $124,336 per unit. Completed in 2015, Belle Summit is the only LIHTC project in Woodland Heights, marking the introduction of LIHTC-funded affordable housing in the area. The project consists of 5 total units, all designated as low-income units, including 1 one-bedroom unit and 3 two-bedroom units, offering a mix of housing options for residents.
Woodland Heights has experienced demographic changes over the past decade. The population decreased from 2,373 in 2017 to 1,693 in 2022. Despite this decline, the median income showed an overall upward trend, increasing from $67,348 in 2017 to $77,849 in 2022, with a peak of $89,903 in 2021.
The racial composition of the neighborhood has changed significantly. The proportion of white residents increased from 58% in 2017 to 82% in 2022, while the black population decreased from 35% to 13% during the same period. The Asian population remained relatively stable at around 2-4%, and the Hispanic population fluctuated between 0-5%.
The completion of the Belle Summit project in 2015 coincided with a period of demographic transition in the neighborhood. The median income at that time was $56,770, lower than in recent years, potentially indicating a greater need for affordable housing. However, the subsequent rise in median income and shift in racial composition suggest changing dynamics in the neighborhood's socioeconomic landscape.
Woodland Heights has a modest LIHTC-funded affordable housing presence, with one project providing 5 low-income units. This represents a small fraction of the estimated housing inventory in the neighborhood. The Belle Summit project, completed in 2015, received significant federal funding per unit through the LIHTC program. Over the past decade, the neighborhood has experienced demographic changes, including population fluctuations, an overall increase in median income, and a shift in racial composition. These trends provide context for understanding the affordable housing landscape in Woodland Heights and may influence future affordable housing needs and development in the area.
