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Sevierville's Three-Decade Journey in Affordable Housing: LIHTC's Impact on a Growing Tennessee City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Sevierville, a Tennessee city near the Great Smoky Mountains National Park, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 373 total units, with 337 designated as low-income units. Based on an estimated housing inventory of 14,205 units, LIHTC-funded affordable housing represents approximately 2.63% of Sevierville's housing stock.
Sevierville has received $13,397,237 in project tax credits for affordable housing through the LIHTC program. With approximately 6 projects, this equates to an average of $2,232,873 per project. The average federal funding per unit is $35,918, considering the total of 373 units in LIHTC-funded projects. Notably, Sevierville holds 2.91% of Tennessee's total LIHTC funding, indicating a substantial investment in affordable housing relative to its size.
The city's involvement with LIHTC-funded affordable housing began in 1988 with the Mountain View Apartments and continued through 2020 with the completion of Forest Cove. This 32-year span demonstrates a long-term commitment to affordable housing in Sevierville. The 2010s saw the most activity in affordable housing development, with three projects completed during this decade: Dogwood Ridge Apartments (2011), Highland Ridge Apartments (2013), and Forest Cove (2020).
The LIHTC-funded units in Sevierville are predominantly composed of two-bedroom (221 units) and three-bedroom (83 units) apartments, with 42 one-bedroom units. This distribution suggests a focus on accommodating families and larger households.
Over the past decade, Sevierville has experienced steady population growth, increasing from 33,252 in 2010 to 37,076 in 2022. The median income has also risen, from $44,462 in 2013 to $50,382 in 2022. This economic growth may have influenced the need for affordable housing options.
The racial composition of Sevierville has remained relatively stable, with a slight decrease in the white population from 88% in 2019 to 84% in 2022, and a small increase in Hispanic residents from 8% to 10% during the same period. This gradual diversification may have contributed to the continued development of affordable housing to serve various community needs.
Sevierville's LIHTC-funded affordable housing inventory represents a small but significant portion of its housing stock. The city has consistently invested in affordable housing over three decades, with a particular focus on family-sized units. The recent completion of projects, coupled with population growth and rising median incomes, suggests an ongoing commitment to maintaining affordable housing options in this growing Tennessee city.
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