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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Carey Park, a neighborhood in Atlanta, Georgia, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 61 total units, with 16 designated as low-income units. Based on the 2022 population of 1,726 and an estimated 661 housing units, LIHTC-funded affordable housing represents approximately 9.2% of the neighborhood's estimated housing inventory.
The LIHTC program has made substantial investments in Carey Park, with project tax credits totaling $762,151. This equates to an average federal funding of about $12,494 per unit in LIHTC-funded projects. The neighborhood has experienced LIHTC developments over nearly two decades, with the first project, Etheridge Court Development I, completed in 2002, and the most recent, The Remington, finished in 2018.
The 2010s marked the decade with the most affordable housing project completions in Carey Park. The Remington, completed in 2018, is the largest LIHTC-funded development in the neighborhood, contributing 61 units to the affordable housing stock. This project offers a diverse mix of unit types, including 11 one-bedroom, 5 two-bedroom, and 45 three-bedroom units, accommodating various household sizes and needs.
Over the past decade, Carey Park has experienced fluctuations in its population, with a notable increase from 1,365 in 2021 to 1,726 in 2022. The median income has shown variability, ranging from a high of $20,892 in 2014 to a low of $15,754 in 2022. The racial composition of the neighborhood has remained predominantly African American, consistently above 95% throughout the decade.
The completion of The Remington in 2018 coincides with a period of relative population stability and fluctuating median incomes in the neighborhood. This suggests that the LIHTC project may have responded to an ongoing need for affordable housing options in Carey Park, particularly as income levels remained relatively low compared to broader city averages.
Carey Park's LIHTC-funded affordable housing inventory plays a significant role in the neighborhood's housing landscape, covering nearly 10% of the estimated housing units. The neighborhood has seen a steady development of affordable housing over two decades, with the most recent and largest project, The Remington, completed in 2018. This development has added a substantial number of units, particularly three-bedroom apartments, potentially addressing the needs of larger families in the area. The consistent racial composition and fluctuating income levels over the past decade underscore the ongoing importance of affordable housing initiatives in Carey Park.