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Affordable Housing Trends in North King St, Hampton: LIHTC 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
The North King St neighborhood in Hampton, Virginia, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 153 affordable units, all designated as low-income units. Based on the 2022 population of 13,296 and using the national average household size of 2.61, the estimated housing units in the neighborhood are approximately 5,094. LIHTC funded affordable housing represents about 3% of the estimated housing inventory in the neighborhood.
The LIHTC program has invested $1,961,637 in project tax credits in this neighborhood. This equates to an average federal funding of approximately $12,822 per unit. The neighborhood has had LIHTC funded affordable housing for over a decade, with the first project, Sinclair Commons, completed in 2005, and the most recent, Wilsondale Work Force, in 2011.
The most recent affordable housing development in the neighborhood occurred in the early 2010s. Wilsondale Work Force, completed in 2011, added 15 low-income units to the area's affordable housing stock. This project continued efforts to provide affordable housing options in the neighborhood.
Detailed information about the types of units is not available for these projects. However, Sinclair Commons and Wilsondale Work Force contribute to the total of 153 low-income units in the neighborhood.
Over the past decade, the neighborhood's population has decreased from 14,110 in 2011 to 13,296 in 2022. Despite this slight population decline, the median income has increased overall, rising from $56,541 in 2016 to $60,898 in 2022. This trend may indicate a changing economic landscape in the neighborhood.
The racial composition of the neighborhood has evolved. The proportion of Black residents increased from 31% in 2013 to 35% in 2022, while the White population decreased from 58% to 49% over the same period. The Hispanic population grew from 3% to 6%, and residents identifying as two or more races increased from 2% to 6%. These demographic shifts suggest a gradually diversifying community.
No new LIHTC projects have been completed in the neighborhood since 2011. This could be due to various factors, including changes in local housing policies, shifts in funding priorities, or potentially a decreased need for additional affordable housing units in the area.
The North King St neighborhood in Hampton, Virginia, has a modest LIHTC funded affordable housing presence, covering about 3% of the estimated housing inventory. The neighborhood has benefited from two LIHTC projects completed between 2005 and 2011, providing 153 low-income units. While the population has slightly decreased over the past decade, median income has increased, and the racial composition has become more diverse. These demographic changes may influence future affordable housing needs and development in the area.
