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Friars Point, Mississippi: LIHTC's Impact on Affordable Housing in a Small Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Friars Point, a small town in Mississippi with a population of 1,322 in 2022, has a unique affordable housing landscape shaped by the Low-Income Housing Tax Credit (LIHTC) program. The town has one LIHTC-funded project, providing 24 affordable housing units, of which 23 are designated as low-income units. This represents approximately 4.7% of the city's estimated housing stock of 507 units.
Friars Point received $105,962 in project tax credits for its LIHTC-funded affordable housing. This amount translates to an average federal funding of $105,962 per project and approximately $4,415 per unit. The funding represents 0.04% of Mississippi's total LIHTC allocation, indicating a modest but significant investment in affordable housing for a town of this size.
The sole LIHTC project in Friars Point, Levee Apartments II, was completed in 2015. This development marks the beginning of LIHTC-funded affordable housing in the town, providing a mix of two-bedroom and three-bedroom units. The project includes 8 two-bedroom units and 16 three-bedroom units, catering to various family sizes within the community.
Demographic trends over the past decade reveal correlations with the LIHTC project. The town's population has fluctuated, reaching a peak of 1,590 in 2019 before declining to 1,322 in 2022. The median income has shown a gradual increase from $18,063 in 2017 to $22,973 in 2022, potentially indicating an improving economic situation for residents.
Race distribution trends show a significant shift over the past decade. The Black population has increased from 85% in 2013 to 97% in 2022, while the White population has decreased from 15% to 3% during the same period. This demographic shift may have influenced the need for affordable housing options in the community.
Friars Point's LIHTC-funded affordable housing, while modest in scale, represents a significant investment in the community's housing infrastructure. The single project, completed in 2015, provides a mix of unit sizes to accommodate different household needs. The affordable housing covers a small percentage of the estimated housing stock, yet plays a crucial role in addressing the housing needs of low-income residents. The town's changing demographics and gradually increasing median income suggest a dynamic community context in which affordable housing continues to be an important resource.
