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Cabbagetown: Anomalies in LIHTC Affordable Housing Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Cabbagetown, a historic neighborhood in Atlanta, Georgia, exhibits an unusual situation regarding its Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The neighborhood has two LIHTC projects, yet data indicates 0 total units and 0 low-income units in these projects. This anomaly necessitates further investigation, as it may signify incomplete data or a unique implementation of the LIHTC program in this area.
Based on the 2022 population of 1,109 and the national average household size of 2.61, Cabbagetown is estimated to have approximately 425 housing units. The reported 0 affordable units suggest that the LIHTC program currently does not contribute to the affordable housing stock in this neighborhood.
The LIHTC projects in Cabbagetown have received $322,416 in tax credits. However, due to the absence of reported units, it is not possible to calculate an average federal funding per unit. The first LIHTC project in Cabbagetown, Fulton Cotton Mill Lofts, was completed in 1997. The most recent project, Reynoldstown Senior Residences, was completed in 2016, indicating a 19-year span of LIHTC involvement in the neighborhood.
The 2010s saw the most recent LIHTC activity in Cabbagetown, with the completion of Reynoldstown Senior Residences in 2016. The lack of reported units and bedrooms distribution is unusual and may require additional investigation. Neither of the LIHTC projects in Cabbagetown has a specified target population.
Over the past decade, Cabbagetown has experienced significant demographic changes. The population increased from 795 in 2010 to 1,109 in 2022, a 39.5% growth. Median income rose substantially, from $69,981 in 2013 to $111,276 in 2022, representing a 59% increase.
Racial demographics have also shifted. The white population decreased from 75% in 2017 to 68% in 2022, while the Hispanic population increased from 3% to 16% during the same period. The Black population fluctuated, decreasing from 29% in 2013 to 5% in 2021, then rising to 10% in 2022.
The absence of new LIHTC projects in recent years, combined with rising incomes and changing demographics, may indicate a shift in the neighborhood's housing needs or development priorities.
Cabbagetown presents an intriguing case study in LIHTC implementation. The reported absence of affordable units raises questions about the program's impact in this neighborhood. The area has experienced significant population growth, substantial increases in median income, and notable shifts in racial demographics over the past decade. These changes, combined with the lack of recent LIHTC activity, may indicate evolving housing needs in Cabbagetown. Further investigation into the actual number of affordable units and the current state of these LIHTC projects would provide a clearer picture of affordable housing in this rapidly changing neighborhood.
