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Augusta-Richmond County: LIHTC-Funded Affordable Housing in the Home of the Masters
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CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Augusta-Richmond County, Georgia, a consolidated city-county known for hosting the Masters Golf Tournament, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 2,286 total units, with 1,273 designated as low-income units. This represents approximately 2.9% of the city's estimated 77,623 housing units.
Augusta-Richmond County has received $9,235,008 in project tax credits through the LIHTC program. With approximately 33 projects, this translates to an average federal funding of $279,849 per project and $4,040 per unit. The city holds 2.74% of Georgia's total LIHTC funding, indicating a significant contribution to the state's affordable housing efforts.
The first LIHTC project in Augusta-Richmond County, Hale Street Apartments, was completed in 1990, while the most recent recorded project, 15th Street Development 3, was finished in 2019. This spans nearly three decades of affordable housing development in the city.
The 2010s saw the most affordable housing activity, with notable projects including The Crest At Edinburgh, Terrace At Edinburgh, and Underwood Homes Senior, all completed in 2011. The Legacy At Walton Oaks and Walton Oaks followed in 2012, demonstrating continued investment in affordable housing during this period.
The LIHTC-funded housing inventory in Augusta-Richmond County includes a diverse mix of unit types: 28 efficiencies, 377 one-bedroom units, 1,101 two-bedroom units, 286 three-bedroom units, and 15 four-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on two-bedroom units.
Over the past decade, Augusta-Richmond County has experienced modest population growth, increasing from 196,386 in 2010 to 202,596 in 2022. The median income has shown improvement, rising from $35,558 in 2013 to $49,838 in 2022, indicating a potential reduction in overall affordable housing needs.
The racial composition of the city has remained relatively stable, with a slight decrease in the Black population from 56% in 2013 to 55% in 2022, and a small decrease in the White population from 36% to 31% over the same period. The Hispanic population has remained steady at around 5-6%, while there has been a notable increase in residents identifying as two or more races, from 3% in 2013 to 5% in 2022.
Augusta-Richmond County's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The city has maintained a consistent effort in developing affordable housing over the past three decades, with a particular focus in the 2010s. While the LIHTC program has contributed to the city's affordable housing needs, the modest 2.9% coverage suggests that additional affordable housing programs or initiatives may be necessary to fully address the community's needs. The city's demographic trends, including population growth and increasing median income, may influence future affordable housing strategies in Augusta-Richmond County.
