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Woodlawn: LIHTC Program's Impact on Affordable Housing in a Small Virginia Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Woodlawn, Virginia, is a small city with a population of 2,882 as of 2022. The city has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 204 total units, with 145 designated as low-income units. Based on the estimated housing inventory of approximately 1,104 units, LIHTC funded affordable housing comprises about 18.5% of the city's housing stock, aligning with the target percentage for affordable housing in a balanced city.
Woodlawn has received $978,720 in project tax credits from the LIHTC program for affordable housing. With one project, this translates to an average federal funding of $978,720 per project, or $4,798 per unit. The city holds 0.21% of the total state funding for LIHTC projects in Virginia, indicating a small but significant contribution to the state's affordable housing efforts.
The only LIHTC project in Woodlawn is Stony Brook, completed in 2012. This project marks the beginning of LIHTC-funded affordable housing in the city, representing a decade of affordable housing presence. The housing unit distribution in the LIHTC-funded project includes 4 one-bedroom units, 68 two-bedroom units, and 37 three-bedroom units. This mix caters to various household sizes and needs within the low-income population.
Over the past decade, Woodlawn's population has remained relatively stable, with minor fluctuations. The median income has shown a general upward trend, increasing from $44,333 in 2013 to $48,662 in 2022. This rise in median income might indicate a growing need for affordable housing options to support lower-income residents.
The racial composition of Woodlawn has been predominantly white throughout the last decade, consistently accounting for over 90% of the population. There has been a slight increase in diversity, with the percentage of residents identifying as two or more races rising from 1% in 2013 to 3% in 2022.
Woodlawn's LIHTC-funded affordable housing inventory plays a significant role in meeting the city's housing needs. With 18.5% of the estimated housing stock dedicated to affordable units, the city appears to be addressing the housing requirements of its low-income population. The Stony Brook project, completed in 2012, represents a substantial investment in affordable housing for the community. While the city's demographics have remained relatively stable, the rising median income suggests an ongoing need for affordable housing options to ensure housing accessibility for all residents.
