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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 59538, encompassing Malta, Montana, contains a unique Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 32 affordable units, all classified as low-income units. Based on the estimated housing inventory of 1,164 units for the zip code's 2022 population, LIHTC-funded affordable housing represents approximately 2.75% of the total housing stock.
The LIHTC program has allocated $4,561,470 in tax credits for affordable housing projects in this zip code. This equates to an average federal funding of $142,546 per unit. Notably, this zip code accounts for 2.48% of Montana's total LIHTC funding allocation, indicating a substantial investment in affordable housing for this area relative to its size.
The affordable housing landscape in zip code 59538 is represented by a single project, Cedar View, completed in 2015. This project marks the inception of LIHTC-funded affordable housing in the area, suggesting a relatively recent focus on addressing affordable housing needs through this program.
Cedar View comprises 32 units, with a mix of two-bedroom (19 units) and three-bedroom (13 units) apartments. This unit distribution indicates a focus on accommodating small to medium-sized families in the area.
Over the past decade, zip code 59538 has experienced fluctuations in population, with a slight increase from 2,898 in 2020 to 3,037 in 2022. The median income has shown an overall upward trend, rising from $36,586 in 2015 to $45,096 in 2022, with some variations in between.
Racial demographics have also shifted. The white population has decreased from 89% in 2015 to 81% in 2022, while the proportion of residents identifying as two or more races has increased from 2% to 11% during the same period. The Native American population has slightly decreased from 8% to 5%.
The completion of the Cedar View project in 2015 coincides with a period of relatively stable population and the beginning of an upward trend in median income. This timing suggests a response to the community's evolving housing needs as economic conditions improved.
The zip code 59538's LIHTC-funded affordable housing inventory, while modest in size, represents a significant investment in addressing low-income housing needs. The single project, Cedar View, provides 32 units of affordable housing, focusing on two and three-bedroom apartments suitable for families. While the LIHTC-funded units cover only a small percentage of the estimated housing stock, they play a crucial role in providing affordable options in an area that has seen both population fluctuations and income growth over the past decade. The demographic shifts observed, particularly in racial composition, may indicate changing housing needs that could inform future affordable housing initiatives in the area.