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Affordable Housing Stability in Queens-Magnolia Terrace: A Three-Decade Commitment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Queens-Magnolia Terrace, a neighborhood in Jackson, Mississippi, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 206 total units in LIHTC funded projects, with 8 designated as low-income units. Based on the 2022 population of 2,509 and using the national average household size, the estimated housing inventory is approximately 961 units. The LIHTC funded affordable housing covers about 21.4% of the neighborhood's estimated housing inventory, which aligns with the target percentage for affordable housing stock in a well-balanced community.
The LIHTC projects in Queens-Magnolia Terrace have received $1,985,731 in project tax credits. This translates to an average federal funding of approximately $9,639 per unit across all LIHTC funded projects in the neighborhood.
The neighborhood has seen LIHTC funded affordable housing development spanning nearly three decades. The first project, "531 W Hill Dr," was completed in 1991, while the most recent addition, "Westwick Apartments," was finished in 2020. This indicates a long-term commitment to providing affordable housing options in the area.
The 2000s saw the most activity in affordable housing development, with two projects, "Chapel Estates" and "Chapel Estates Phase II," both completed in 2007. The distribution of unit types shows a focus on family-friendly housing, with 112 two-bedroom units, 49 three-bedroom units, and 13 four-bedroom units. Additionally, there are 32 one-bedroom units, catering to smaller households or individuals.
Over the past decade, Queens-Magnolia Terrace has experienced a decline in population, from 3,102 in 2015 to 2,509 in 2022. Despite this decrease, the median income has shown some fluctuation, rising from $34,546 in 2015 to $32,468 in 2022, with peaks and valleys in between.
The racial composition of the neighborhood has remained relatively stable, with a predominantly Black population. In 2022, 95% of residents identified as Black, a slight increase from 94% in 2015. The White population decreased from 5% to 3% during the same period, while the percentage of residents identifying as two or more races remained steady at 1%.
The completion of the Westwick Apartments project in 2020 suggests that despite the population decline, there was still a recognized need for affordable housing in the neighborhood. This could be due to factors such as changing household compositions or a desire to improve the quality of available housing stock.
Queens-Magnolia Terrace demonstrates a consistent commitment to affordable housing through its LIHTC funded projects. The neighborhood's affordable housing inventory, covering about 21.4% of the estimated housing units, aligns well with recommended targets for a balanced community. The area has seen development of affordable housing over a span of nearly 30 years, with a focus on family-friendly units. While the population has declined over the past decade, the recent completion of a new LIHTC project in 2020 indicates an ongoing effort to meet affordable housing needs in the community. The stable racial composition and fluctuating median income suggest that these housing initiatives continue to serve a predominantly Black community with varying economic circumstances.
