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Sherwood, Arkansas: Affordable Housing Stagnation Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
United States Census Bureau: American Community Survey Data (ACS)
US Department of Housing and Urban Development (HUD): Low-Income Housing Tax Credit Properties (LIHTC)
Sherwood, Arkansas, a city with a population of 38,374 as of 2022, has utilized the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing. The city has 642 LIHTC-funded affordable housing units, all of which are designated as low-income units. These units represent approximately 4.37% of the city's estimated housing inventory of 14,703 units.
Sherwood has received $1,977,310 in project tax credits through the LIHTC program. This funding has been distributed across four LIHTC-funded projects, resulting in an average of $494,328 in federal funding per project. The average federal funding per unit is $3,080. Sherwood's allocation represents 1.24% of Arkansas's total LIHTC funding.
The implementation of LIHTC-funded affordable housing in Sherwood spans from 1998 to 2005. The initial project, Park Crest Apartments, was completed in 1998, while the most recent project, Chapel Ridge of Sherwood, was finished in 2005. This indicates that affordable housing has been a component of Sherwood's community for over two decades. The late 1990s and early 2000s experienced the most significant affordable housing development activity in the city.
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The LIHTC-funded projects in Sherwood offer a variety of unit types, including 128 one-bedroom units, 99 two-bedroom units, and 176 three-bedroom units. This range of unit sizes accommodates various household compositions within the low-income population.
Sherwood has experienced steady population growth over the past decade, increasing from 35,460 in 2010 to 38,374 in 2022. The median income has also risen, from $63,818 in 2013 to $66,667 in 2022. This upward trend in income may indicate an increasing need for affordable housing options to support lower-income residents.
Racial demographics in Sherwood have undergone slight shifts. The white population decreased from 71% in 2013 to 66% in 2022, while the Black population increased from 19% to 26% during the same period. These demographic changes may influence future affordable housing needs and considerations.
Sherwood's LIHTC-funded affordable housing inventory constitutes a small but significant portion of the city's estimated housing stock. The program has contributed to the creation of 642 low-income units across four projects, primarily developed between 1998 and 2005. Despite population growth and increased median income over the past decade, there have been no new LIHTC projects during this period. The changing racial demographics and continued population growth may necessitate ongoing assessment of affordable housing needs in Sherwood to ensure adequate housing options for all residents.
