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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Fairview, Tennessee, maintains a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 200 affordable units, all designated as low-income. This represents approximately 3.9% of Fairview's estimated housing stock of 5,136 units.
Fairview has received $1,308,180 in project tax credits through the LIHTC program. With approximately two projects, this equates to an average federal funding of $654,090 per project and $6,541 per unit. Fairview accounts for 0.28% of Tennessee's total LIHTC funding.
The city's affordable housing development spans from 1997, with the completion of Park Village of Fairview, to 2010, when Water Mill Apts was constructed. The 2010s marked the most recent decade of affordable housing development in Fairview.
The LIHTC-funded projects in Fairview consist of 84 two-bedroom units, 68 three-bedroom units, and 48 four-bedroom units. This distribution indicates a focus on accommodating families of various sizes within the affordable housing inventory.
Fairview has experienced steady population growth, increasing from 11,113 in 2013 to 13,406 in 2022. The median income has risen from $58,472 in 2013 to $71,788 in 2022, indicating overall economic improvement in the city.
Racial demographics in Fairview have shown slight shifts. The white population decreased from 94% in 2013 to 87% in 2022. The Hispanic population grew from 2% to 9% during this period, while the black population increased from less than 1% to 3%.
Despite demographic changes and population growth, no new LIHTC projects have been recorded in Fairview since 2010. This may indicate a need for reassessment of affordable housing requirements in light of the city's evolving demographics and economic landscape.
Fairview's LIHTC-funded affordable housing represents a small but significant portion of its housing inventory. The city has benefited from federal funding for affordable housing projects, which have provided a range of unit sizes to accommodate diverse household needs. While the city has experienced population growth and increased median income over the past decade, there has not been a corresponding increase in LIHTC-funded projects. This analysis highlights the importance of continually evaluating affordable housing needs in relation to changing demographics and economic conditions.