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Affordable Housing Prevalence and Demographic Shifts in Columbia's Belmont Neighborhood
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 Belmont neighborhood in Columbia, South Carolina, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 200 total units in LIHTC-funded projects, with 2 designated as low-income units. Based on the 2022 population of 1,179 and utilizing the national average household size, the estimated number of housing units in the neighborhood is approximately 452. LIHTC-funded affordable housing comprises about 44.2% of the estimated housing inventory, indicating a substantial contribution to the area's affordable housing stock.
The LIHTC program has invested $206,249 in tax credits for affordable housing projects in Belmont. This equates to an average federal funding of approximately $1,031 per unit. The neighborhood's LIHTC-funded affordable housing landscape is primarily characterized by one project, Gable Oaks (Ashley Apts), which was completed in 2000. This project has been providing affordable housing options in the neighborhood for over two decades.
The Gable Oaks project offers a diverse mix of unit types, accommodating various household sizes. It includes 32 one-bedroom units, 112 two-bedroom units, and 56 three-bedroom units. This distribution suggests an emphasis on housing small to medium-sized families within the affordable housing framework.
Over the past decade, Belmont has undergone demographic changes. The population has decreased from 1,609 in 2013 to 1,179 in 2022, a decline of about 26.7%. Despite this population decrease, the median income has shown an upward trend, increasing from $17,206 in 2013 to $29,585 in 2022, representing a 72% increase.
The racial composition of Belmont has remained predominantly African American, with the percentage increasing slightly from 86% in 2013 to 95% in 2022. This demographic consistency indicates that the LIHTC project has been serving a relatively stable community in terms of racial composition.
The increasing median income, combined with the population decrease, may suggest changing economic conditions in the neighborhood. These trends could potentially influence the ongoing need for affordable housing in the area.
The Belmont neighborhood in Columbia, South Carolina, demonstrates a significant presence of LIHTC-funded affordable housing, with one major project contributing to nearly half of the estimated housing inventory. The Gable Oaks project, completed in 2000, offers a variety of unit sizes to accommodate different household needs. While the population has decreased over the past decade, median incomes have risen, and the racial composition has remained relatively stable. These demographic trends, along with the long-standing presence of LIHTC-funded housing, highlight the complex relationship between affordable housing provision and neighborhood dynamics in Belmont.
