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Conway's LIHTC-Funded Affordable Housing: A Three-Decade Evolution
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Conway, South Carolina, a city known for its proximity to Myrtle Beach and home to Coastal Carolina University, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory consists of 285 total affordable units, all of which are designated as low-income units.
Based on the estimated housing inventory of 16,249 units, the LIHTC-funded affordable housing covers approximately 1.75% of the city's housing stock. This percentage is lower than the target of 15-20% for affordable housing in a well-balanced city. However, other affordable housing programs may contribute to the overall inventory.
Conway has received $1,787,719 in project tax credits through the LIHTC program. With seven approximate projects, this translates to an average of $255,388 in federal funding per project. On a per-unit basis, the average federal funding amounts to $6,272. Conway holds 0.46% of the total state LIHTC funding, indicating its relative share of affordable housing resources within South Carolina.
The city's journey with LIHTC-funded affordable housing spans over three decades, starting with The Oaks (Conway) in 1987 and most recently adding Leyland Grove and Shady Moss Apartments in 2018. The 2000s saw the most activity in affordable housing development, with projects like Blackwater Cove Apts (2004), Crane Creek Apts (2005), Crabtree Commons (2008), and North Oaks Apts II (2009) being completed.
The LIHTC-funded units in Conway are diverse, with 60 one-bedroom, 147 two-bedroom, and 24 three-bedroom units. This distribution caters to various household sizes and needs within the low-income population.
One notable project, Leyland Grove, completed in 2018, specifically targets older persons. This focus on senior housing addresses the unique needs of Conway's aging population, potentially offering amenities and services tailored to older residents.
Analyzing demographic trends over the last decade, Conway has experienced steady population growth, increasing from 31,866 in 2010 to 42,410 in 2022. This 33% growth may have contributed to the need for additional affordable housing options. The median income has also risen, from $39,441 in 2013 to $47,245 in 2022, a 20% increase. However, this growth in income may not have kept pace with rising housing costs, potentially increasing the demand for affordable options.
Racially, Conway has maintained a relatively stable composition over the past decade. The white population has remained the majority, though decreasing slightly from 66% in 2019 to 63% in 2022. The Black population has remained steady at around 26-27%, while the Hispanic population has grown modestly from 4% to 6%. This diversity underscores the importance of providing equitable access to affordable housing across all demographic groups.
In summary, Conway's LIHTC-funded affordable housing inventory, while modest in comparison to the overall housing stock, represents a significant investment in addressing low-income housing needs. The city's continued population growth and rising median income suggest an ongoing need for affordable housing options. The diverse unit types and targeted projects like Leyland Grove demonstrate efforts to meet varied housing needs within the community. As Conway continues to evolve, monitoring and addressing affordable housing demands will remain crucial for maintaining a balanced and inclusive community.
