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Affordable Housing Analysis in Mount Crested Butte, Colorado: Zip Code 81224's LIHTC Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Mount Crested Butte, Colorado, zip code 81224, is a mountain town with a ski resort. The zip code's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 30 total units, with 3 designated as low-income units. Based on an estimated housing inventory of 1,387 units, LIHTC funded affordable housing represents approximately 2.16% of the zip code's housing stock.
The LIHTC program has invested $539,165 in tax credits for affordable housing projects in zip code 81224. This equates to an average federal funding of $17,972 per unit. This zip code accounts for 0.12% of Colorado's total LIHTC funding allocation.
The sole LIHTC project in the area, Anthracite Place, was completed in 2016. This development marks the introduction of LIHTC-funded affordable housing in the zip code. Anthracite Place consists of 24 one-bedroom units and 6 two-bedroom units, providing a range of housing options for residents.
Over the past decade, the population in zip code 81224 has remained relatively stable, fluctuating between 3,600 and 3,800 residents. The median income has shown an upward trend, increasing from $70,760 in 2013 to $91,822 in 2022. This rise in median income may indicate an increasing need for affordable housing options to maintain economic diversity in the area.
Racial demographics have remained predominantly white, consistently above 90% throughout the decade. There has been a slight increase in Hispanic representation, rising from 2% in 2015 to 5% in 2022. This minor shift in demographics could suggest a need for diverse housing options to support a changing population.
The LIHTC program has made a contribution to affordable housing in zip code 81224, with one project providing 30 units. While this represents a small percentage of the estimated housing stock, it is a step in addressing affordable housing needs in the area. The rising median income over the past decade underscores the potential importance of maintaining and possibly expanding affordable housing options to ensure economic diversity in this mountain community. As the area continues to evolve, ongoing assessment of housing needs will be crucial to support a diverse population.
