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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Simpsonville, South Carolina, has a population of 45,382 as of 2022 and covers 9.37 square miles. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consists of 42 total units, all designated as low-income units. Based on the estimated housing inventory of 17,388 units, LIHTC-funded affordable housing represents approximately 0.24% of the city's housing stock.
Simpsonville has received $669,103 in project tax credits from the LIHTC program for affordable housing. With one project, this translates to an average federal funding of $669,103 per project and $15,931 per unit. The city holds 0.17% of the total state funding for LIHTC projects.
The only LIHTC project in Simpsonville is Parkside At Main, completed in 2020. This project marks the beginning of LIHTC-funded affordable housing in the city. The 2020s represent the decade with the most affordable housing projects completed, with one project thus far.
Parkside At Main consists of 42 units, including 6 one-bedroom, 24 two-bedroom, and 12 three-bedroom units. This distribution indicates a focus on accommodating small to medium-sized families.
Over the last decade, Simpsonville has experienced significant population growth, increasing from 35,719 in 2013 to 45,382 in 2022. The median income has also risen, from $70,980 in 2013 to $86,392 in 2022, indicating overall economic improvement in the city.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 74% in 2013 to 69% in 2022, and a small increase in the Black population from 15% to 20% during the same period. The Hispanic population has remained relatively constant at around 6-7%.
The introduction of LIHTC-funded housing in 2020 coincides with the city's continued population growth and rising median income, suggesting a response to the increasing need for affordable housing options in a growing community.
Simpsonville's LIHTC-funded affordable housing inventory, while modest in size, represents a recent initiative to address affordable housing needs in the city. The single project, Parkside At Main, provides 42 low-income units, focusing on one to three-bedroom apartments. As the city continues to grow and evolve demographically, monitoring the effectiveness of this initial LIHTC project and considering future affordable housing initiatives may be crucial for meeting the needs of Simpsonville's diverse population.