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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Pearl, Mississippi, a city with a population of 32,468 as of 2022, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 366 total units, including 227 low-income units. This represents approximately 2.9% of the city's estimated housing stock of 12,440 units.
The city has received $4,444,909 in project tax credits through the LIHTC program. With 6 projects, this equates to an average federal funding of $740,818 per project and $12,144 per unit. Pearl accounts for 1.63% of the total state LIHTC funding, indicating a significant contribution to Mississippi's affordable housing efforts.
Pearl's affordable housing development spans over three decades, beginning with the C & G Apts/809 George Kersh project in 1988 and the most recent addition, Peyton Gardens, in 2020. The 1990s saw the most development activity, with four projects completed in 1998 and 1999: Crestview Apts - Pearl, Pearlwood Apts, Rose Garden Apts, and Colony Park Apts.
The LIHTC-funded housing in Pearl offers a range of unit types, including 98 one-bedroom, 176 two-bedroom, 45 three-bedroom, and 12 four-bedroom units. This distribution accommodates various household sizes and needs. The Crestview Apts - Pearl project specifically targets single-parent families, addressing a particular demographic requiring affordable housing support.
Pearl's population has remained relatively stable over the past decade, with minor fluctuations. The median income has shown an overall upward trend, increasing from $51,125 in 2013 to $58,345 in 2022. This rise in median income may indicate an increasing need for affordable housing options to support lower-income residents.
Racial demographics in Pearl have shifted, with the Black population increasing from 25% in 2013 to 37% in 2022, while the White population decreased from 67% to 56% during the same period. These demographic changes may influence the demand for affordable housing and the communities served by LIHTC projects.
Pearl's LIHTC-funded affordable housing inventory represents a significant investment in addressing low-income housing needs, despite its modest size compared to the total housing stock. The city's participation in the LIHTC program over three decades, with a concentration of development in the late 1990s, demonstrates a long-term commitment to affordable housing. The diverse unit types and targeted projects like Crestview Apts indicate efforts to meet varied housing needs. As Pearl's demographics continue to evolve, ongoing analysis of affordable housing demand and provision will be essential for addressing the community's changing needs.