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North Little Rock's LIHTC Program: A Three-Decade Commitment to Affordable Housing
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
North Little Rock, Arkansas, situated across the Arkansas River from Little Rock, has a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC program comprises 2,761 total units, with 1,884 designated as low-income units. This inventory represents approximately 10.9% of the city's estimated 25,249 housing units.
North Little Rock has received $12,254,910 in project tax credits through the LIHTC program. The city has approximately 32 projects, resulting in an average federal funding of $383,091 per project and $4,439 per unit. North Little Rock holds 7.66% of the total state LIHTC funding, indicating a significant investment in affordable housing within this urban area.
The LIHTC program in North Little Rock spans 31 years, with the first project, Shorter College Gardens Apartments, completed in 1988, and more recent developments like Ridge at North Little Rock III and Hickory View RAD finished in 2019. This extended period demonstrates a long-term commitment to affordable housing in the city.
The 2010s experienced the most significant affordable housing development activity in North Little Rock, with projects such as the Villas of North Little Rock, Peaks at Country Club, and Bluffs on McCain completed during this decade.
The LIHTC funded housing stock in North Little Rock offers a diverse range of unit types, including 145 efficiencies, 818 one-bedroom units, 1,192 two-bedroom units, 475 three-bedroom units, and 84 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
North Little Rock's population has remained relatively stable over the past decade, with approximately 66,000 residents. The median income has fluctuated, increasing from $40,870 in 2019 to $46,850 in 2018. The city has experienced a slight increase in racial diversity, with the Black population growing from 39% in 2013 to 43% in 2019, while the White population decreased from 52% to 47% during the same period.
The consistent development of LIHTC projects throughout the 2010s aligns with the stable population and varying income levels, suggesting a continued need for affordable housing options in the city.
North Little Rock's LIHTC funded affordable housing inventory plays a significant role in addressing the city's housing needs. With 10.9% of the estimated housing stock dedicated to affordable units, the city is progressing towards meeting the target of 15-20% affordable housing. The diverse range of unit types and consistent development over three decades demonstrate a long-term commitment to providing housing options for low-income residents. As the city's demographics continue to evolve, the LIHTC program remains an essential tool in ensuring housing accessibility for North Little Rock's diverse population.
