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Affordable Housing Analysis in Zip Code 59401: Rockcress Commons Boosts LIHTC Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 59401 in Great Falls, Montana, contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 45 units, all categorized as low-income units. The estimated housing inventory of 5,614 units is based on the 2022 population and national average household size. LIHTC funded affordable housing represents approximately 0.8% of the zip code's estimated housing stock.
The LIHTC projects in zip code 59401 have received $677,500 in tax credits, with an average of $15,056 per unit. This funding constitutes 0.37% of Montana's total LIHTC allocation, indicating a modest investment in affordable housing for this area.
Rockcress Commons, completed in 2019, is the most recent LIHTC project in the zip code. It provides 32 units, including 22 one-bedroom and 1 two-bedroom apartments. The Elmore Hotel and Kennedy Rentals are also part of the LIHTC inventory, contributing 6 and 7 units respectively. The completion years for these two projects are not specified.
The 2010s witnessed the most recent affordable housing development in zip code 59401, with Rockcress Commons being a significant addition to the inventory. The LIHTC funded projects in this area primarily consist of one-bedroom units, suggesting a focus on smaller household sizes or individual renters.
The population of zip code 59401 has remained relatively stable over the past decade, fluctuating between approximately 13,800 and 14,800 residents. Median income has shown an upward trend, increasing from $38,379 in 2015 to $46,132 in 2022. This rise in median income may potentially impact the demand for affordable housing in the area.
The racial composition of zip code 59401 has remained predominantly white, with a slight increase in diversity over the years. The Hispanic population has grown from 4% in 2013 to 7% in 2022, while the Native American population has decreased slightly from 9% to 6% during the same period. These demographic shifts may influence the need for culturally sensitive affordable housing options.
The LIHTC program has contributed to the affordable housing stock in zip code 59401, providing 45 low-income units across three projects. While this represents a small portion of the estimated housing inventory, it is an important component of the area's affordable housing landscape. The most recent development, Rockcress Commons, has significantly increased the number of available units. The zip code's stable population and increasing median income suggest a potential ongoing need for affordable housing options, particularly as the area experiences slight shifts in its demographic composition.
