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Affordable Housing Analysis in Zip Code 59011: Unique LIHTC Project for Developmentally Disabled
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 59011, located in Big Timber, Montana, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, known as Big Timber Village, provides 24 low-income units. Based on the 2022 population of 2,992 and the national average household size, the estimated housing inventory in this zip code is 1,146 units. The LIHTC funded affordable housing represents approximately 2.09% of the zip code's housing inventory.
The LIHTC project in zip code 59011 received $53,182 in tax credits, averaging $2,216 per unit. This funding constitutes 0.03% of Montana's total LIHTC allocation, indicating a relatively small investment in this specific area. Big Timber Village was completed in 1996, providing over 25 years of affordable housing presence in the zip code. The project consists entirely of 24 one-bedroom units, suggesting a focus on smaller household sizes or individual accommodations.
Big Timber Village targets the developmentally disabled population. This specialized focus indicates an effort to address the housing needs of a vulnerable group, potentially providing tailored support services alongside affordable housing.
The population of zip code 59011 has shown slight fluctuations over the past decade, growing from 2,774 in 2013 to 2,992 in 2022. The median income has also seen moderate changes, increasing from $54,694 in 2013 to $54,852 in 2022, with some variations in between. The racial composition of the area has remained predominantly white, with a slight decrease from 95% in 2013 to 90% in 2022. There has been a small increase in diversity, with Hispanic representation growing from 0% to 3%, and the introduction of a small Black population (2%) by 2022.
These demographic trends suggest a relatively stable population with modest income growth. The lack of additional LIHTC projects in recent years might be attributed to this stability. However, it is important to note that other affordable housing programs not captured in this data could be addressing any unmet needs.
Zip code 59011 features a single LIHTC project, Big Timber Village, which has been providing affordable housing for over two decades. With 24 one-bedroom units specifically targeting the developmentally disabled population, it represents a small but significant portion of the area's housing inventory. Demographic trends show slight population growth and income increases, while the racial composition has remained largely stable with minor diversification. The LIHTC investment in this zip code, while modest compared to the state total, plays a role in addressing specific affordable housing needs in the community.
