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River Point's Affordable Housing Landscape: LIHTC's Impact on a Norfolk Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
River Point, a neighborhood in Norfolk, Virginia, exhibits a significant presence of affordable housing supported by the Low-Income Housing Tax Credit (LIHTC) program. The neighborhood contains 220 units in LIHTC-funded projects, with 11 designated as low-income units. Based on the 2022 population of 1,060 and the national average household size, the estimated housing inventory is approximately 406 units. LIHTC-funded affordable housing comprises about 54% of this estimated inventory, indicating a substantial affordable housing presence in River Point.
The LIHTC program has invested $89,332 in tax credits for affordable housing in River Point, averaging about $406 per unit across the 220 LIHTC-funded units. The sole LIHTC project, Riverpoint, was completed in 2000, marking over two decades of affordable housing presence. This project consists of 56 one-bedroom and 164 two-bedroom units, suggesting a focus on accommodating small families and individuals.
Over the past decade, River Point's population has remained relatively stable, fluctuating between 996 and 1,146 residents. The median income has varied, ranging from $72,552 in 2020 to $85,258 in 2021. This income range indicates that while many residents may not qualify for low-income housing, a segment of the population could benefit from affordable options.
The racial composition of River Point has experienced shifts in recent years. The white population decreased from 73% in 2013 to 62% in 2022, while the Hispanic population increased from 5% to 10%. The Black population slightly decreased from 19% to 14%. The proportion of residents identifying as two or more races increased significantly from 1% to 12%. These demographic changes may influence future affordable housing needs in the neighborhood.
River Point's affordable housing landscape is characterized by the Riverpoint LIHTC project, which has been part of the community since 2000. This project contributes significantly to the neighborhood's housing inventory, potentially covering over half of the estimated housing units. The focus on one and two-bedroom units suggests a tailored approach to the area's housing needs. While the neighborhood has experienced demographic shifts over the past decade, particularly in racial composition, the overall population has remained relatively stable. The varying median income levels indicate a potentially diverse economic landscape within River Point, which may continue to shape the demand for affordable housing options in the future.
