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Limited Affordable Housing in Old North Knoxville: A Case Study of LIHTC Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Old North Knoxville, a neighborhood in Knoxville, Tennessee, has a single Low-Income Housing Tax Credit (LIHTC) funded affordable housing unit. This unit, which is also classified as low-income, represents approximately 0.11% of the estimated 923 housing units in the neighborhood. The estimation is based on the 2022 population of 2,410 and the national average household size.
The LIHTC program has provided $4,352 in tax credits for affordable housing in Old North Knoxville. The sole LIHTC funded project, Leonard House, was completed in 1991. This project consists of a single three-bedroom unit, suggesting it is designed to accommodate families or larger households.
Over the past decade, Old North Knoxville has experienced demographic shifts. While the population has remained relatively stable between 2,100 and 2,500 residents, there has been a significant increase in median income. The median income rose from $21,367 in 2017 to $50,969 in 2022. This substantial income growth may explain the absence of new LIHTC projects in recent years.
Regarding racial demographics, the neighborhood has maintained a predominantly white population, consistently accounting for about 80-85% of residents over the past decade. There have been slight fluctuations in the Black and Hispanic populations, but these have remained relatively small, each typically representing 6-11% of the total population.
Old North Knoxville's LIHTC funded affordable housing inventory is limited to a single three-bedroom unit in the Leonard House project, completed in 1991. This represents a very small fraction of the neighborhood's estimated housing stock. The lack of recent LIHTC developments coincides with a significant increase in median income over the past few years, which may indicate changing housing needs in the area. Despite these economic changes, the racial composition of the neighborhood has remained relatively stable. The limited LIHTC inventory suggests that other affordable housing programs or market-rate housing may be meeting the needs of lower-income residents in Old North Knoxville.
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