The 1990s and 2000s experienced a surge in affordable housing development, with numerous projects completed during these decades. Notable projects from this period include "Wesley Graceland Gardens" (1990), "Exchange Building" (1995), and "Uptown Hope VI Project: Metropolitan Apts" (2005).

The LIHTC-funded housing inventory in Memphis offers a range of unit types. It includes 57 efficiencies, 2,948 one-bedroom units, 6,069 two-bedroom units, 2,359 three-bedroom units, and 501 four-bedroom units. This distribution caters to various household sizes and needs within the low-income population.

Memphis has experienced a slight decline in population, from 655,760 in 2015 to 621,050 in 2022. The median income has shown an upward trend, rising from $36,908 in 2015 to $50,622 in 2022. The racial composition has remained relatively stable, with the Black population consistently representing about 63% of the city's residents, followed by the White population at around 24-26%.

The increase in median income might suggest a reduced need for affordable housing. However, income growth may not be evenly distributed across all population segments, and a significant portion of residents may still require affordable housing options.

Memphis has a substantial LIHTC-funded affordable housing inventory, covering about 5.8% of the estimated housing stock. The city has consistently developed affordable housing projects over the past three decades, with a diverse range of unit types to accommodate various household sizes. While the population has slightly decreased and median income has increased in recent years, the ongoing development of LIHTC projects suggests a continued need for affordable housing in the city. The significant portion of state LIHTC funding allocated to Memphis underscores the city's importance in Tennessee's affordable housing landscape.