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Covenant Blu-Grand Center: LIHTC's Impact on Affordable Housing in a Changing Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Covenant Blu-Grand Center, a neighborhood in St. Louis, Missouri, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 418 total units, with 235 of these designated as low-income units. Based on the 2022 population of 2,697 and the estimated 1,033 housing units, the LIHTC funded affordable housing covers approximately 40.5% of the neighborhood's estimated housing inventory. This high percentage indicates that LIHTC plays a crucial role in providing affordable housing options in Covenant Blu-Grand Center.
The LIHTC projects in this neighborhood have received $1,800,000 in project tax credits. When divided by the total number of units in LIHTC-funded projects (418), this equates to an average federal funding of approximately $4,306 per unit. The affordable housing presence in Covenant Blu-Grand Center spans nearly two decades, with the first LIHTC project, University Club Towers, completed in 1994, and the most recent, Metropolitan, finished in 2012. The 2000s saw the most significant development of affordable housing, with four projects completed during this decade: Westminster Assisted Living (1998), Blumeyer Elderly IIIA (2005), Blumeyer Phase I/Renaissance Place (2005), and Blumeyer Assoc III-B LP (2006).
The LIHTC-funded housing in this neighborhood offers a mix of unit types, including 36 one-bedroom, 63 two-bedroom, and 25 three-bedroom units. This diverse range of unit sizes can accommodate various household compositions, from individuals to families.
Over the past decade, Covenant Blu-Grand Center has experienced some demographic shifts. The population has remained relatively stable, fluctuating between 2,900 and 3,268 residents. However, the median income has seen a significant increase, rising from $15,931 in 2015 to $37,297 in 2022. This upward trend in income might indicate a changing economic landscape in the neighborhood.
Regarding racial demographics, the neighborhood has seen a slight increase in its Black population, from 63% in 2013 to 70% in 2022. Conversely, the White population has decreased from 28% to 25% over the same period. The Asian population has remained relatively stable, hovering around 3-5% throughout the decade.
No new LIHTC projects have been completed since 2012. This could be due to the rising median income in the area, potentially reducing the perceived need for additional affordable housing units. However, other affordable housing programs might be active in the neighborhood, which are not reflected in this LIHTC-specific data.
Covenant Blu-Grand Center has a substantial LIHTC-funded affordable housing inventory, covering a significant portion of its estimated housing stock. The neighborhood has seen LIHTC development spanning from 1994 to 2012, with the most active period being the 2000s. The mix of unit types suggests an effort to accommodate diverse household needs. While the neighborhood has experienced rising median incomes and slight shifts in racial demographics over the past decade, the lack of recent LIHTC developments could indicate changing housing needs or priorities in the area. This analysis provides a snapshot of LIHTC's role in Covenant Blu-Grand Center's affordable housing landscape, though a comprehensive understanding would require consideration of other housing programs and local economic factors.
