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Affordable Housing Analysis in Zip Code 59044: LIHTC Funding and Population Growth in Laurel, Montana
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 59044 in Laurel, Montana, contains 40 total housing units funded by the Low-Income Housing Tax Credit (LIHTC) program, with 39 designated as low-income units. Based on the 2022 population of 14,028 and the national average household size of 2.61, the estimated total housing units in this zip code is approximately 5,375. The LIHTC funded affordable housing comprises about 0.74% of the estimated housing inventory in the area.
The LIHTC projects in zip code 59044 have received $167,329 in tax credits for affordable housing development. This equates to an average federal funding of $4,183 per unit. This zip code accounts for 0.09% of Montana's total LIHTC funding allocation.
The earliest known LIHTC project in this zip code, Meadowoods Apartments - Laurel, was completed in 2004. This indicates that affordable housing has been present in the area for at least 19 years. The 2000s experienced the most affordable housing development activity in this zip code.
The LIHTC funded housing stock in zip code 59044 consists primarily of one-bedroom and two-bedroom units, with 16 units of each type. This distribution suggests a focus on housing for smaller households or families.
Over the last decade, zip code 59044 has experienced population growth, increasing from 11,804 in 2013 to 14,028 in 2022. Median income has also risen significantly, from $62,445 in 2013 to $79,137 in 2022. The racial composition has remained relatively stable, with a slight decrease in the white population from 92% in 2013 to 87% in 2022, and small increases in other racial groups.
Despite the population growth and rising median income, there have been no new LIHTC projects reported in the last decade. This could indicate that the existing affordable housing stock has been sufficient to meet the needs of the community, or that other housing initiatives outside of LIHTC have addressed affordable housing needs.
Zip code 59044 in Laurel, Montana, has a modest LIHTC funded affordable housing inventory, representing less than 1% of the estimated housing stock. The area has seen significant population and income growth over the past decade, yet no new LIHTC projects have been reported during this time. The existing affordable housing units, primarily consisting of one and two-bedroom apartments, have been serving the community since at least 2004. While the LIHTC program has contributed to affordable housing in this zip code, it represents a small portion of the overall housing market, and other factors or programs may be contributing to addressing affordable housing needs in the area.
