Loading Content...
Affordable Housing Analysis in Zip Code 59047: LIHTC Funded Units and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 59047 in Montana covers an area of 1,193.63 square miles with an estimated population of 14,097 in 2022. This zip code contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 82 total units, with 81 designated as low-income units. Based on an estimated housing inventory of 5,401 units, LIHTC funded affordable housing comprises approximately 1.5% of the zip code's housing stock.
The LIHTC projects in zip code 59047 have received $267,555 in tax credits, averaging about $3,263 per unit. This funding represents 0.15% of Montana's total LIHTC allocation, indicating a modest investment in affordable housing for this area.
Affordable housing has been present in this zip code since at least 1996, with the completion of Livingston Village. The most recent project, the Miles Building, was completed in 2002, spanning a period of at least 6 years of affordable housing development. The early 2000s saw the most activity, with two projects completed during this period.
The inventory includes a mix of unit types: 4 efficiencies, 61 one-bedroom units, 13 two-bedroom units, and 4 three-bedroom units. This distribution suggests a focus on smaller households and individuals. Two projects have specific target populations: Livingston Village caters to the developmentally disabled, while Timberline Apartments is designed for handicapped residents.
Over the past decade, the zip code has experienced population growth, increasing from 12,234 in 2014 to 14,097 in 2022. Median income has risen from $44,681 in 2014 to $57,754 in 2022, representing a 29% increase. Racial demographics have remained relatively stable, with a slight decrease in the white population from 95% in 2014 to 93% in 2022, and a small increase in Hispanic and multiracial populations.
The 59047 zip code in Montana has a modest LIHTC funded affordable housing inventory, representing about 1.5% of the estimated housing stock. The area has seen consistent population growth and significant income increases over the past decade. While the LIHTC projects provide housing options for specific populations, the overall percentage of affordable units is relatively low compared to typical affordable housing targets. The lack of new LIHTC projects since 2002 may warrant further investigation, considering the area's demographic changes and potential evolving housing needs.
