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Villa Rica's LIHTC Funded Affordable Housing: A Decade of Stagnation Amid Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Villa Rica, a city in Georgia, has implemented affordable housing initiatives through the Low-Income Housing Tax Credit (LIHTC) program. The city's LIHTC-funded affordable housing inventory comprises 236 total units, with 176 designated as low-income units. This represents approximately 2.16% of the city's estimated housing inventory of 10,924 units.
Villa Rica has received $1,318,349 in project tax credits through the LIHTC program. With three projects, this amounts to an average of $439,450 in federal funding per project. The average federal funding per unit is $5,586. Villa Rica's share of Georgia's total LIHTC funding is 0.39%, indicating a relatively small portion of the state's affordable housing resources.
The city's LIHTC-funded affordable housing projects span from 2004 to 2012. The initial project, Hickory Falls Apartments, was completed in 2004. The most recent projects, Conners Senior Village and Conners Senior Village Phase II, were both completed in 2012. This indicates that affordable housing has been part of Villa Rica's community for at least 18 years.
The 2010s witnessed the highest affordable housing development activity, with two projects completed in 2012. The housing stock includes a variety of unit types, with 12 one-bedroom units and 48 two-bedroom units recorded.
Villa Rica's population has grown from 25,249 in 2015 to 28,511 in 2022. The median income has also increased, rising from $59,305 in 2015 to $67,849 in 2022. This increase in income may partially explain the absence of new LIHTC projects since 2012, as the overall economic situation of residents may have improved.
The racial demographics of Villa Rica have changed over the past decade. The white population decreased from 62% in 2015 to 54% in 2022, while the Black population increased from 26% to 31%. The Hispanic population grew from 4% to 8% during this period. These changes in racial composition indicate growing diversity in the city, which may influence future affordable housing needs.
Villa Rica's LIHTC-funded affordable housing inventory has provided essential low-income units to the community. The city has seen three LIHTC projects completed between 2004 and 2012, contributing 236 units to the housing stock. Despite population growth and increasing median income over the past decade, no new LIHTC projects have been developed since 2012. The changing demographics of the city, including increased racial diversity, may impact future affordable housing needs and potential LIHTC developments.
