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Affordable Housing Analysis in Zip Code 59601: Helena's LIHTC Investment
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 59601 in Helena, Montana, contains a significant inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area encompasses 396 total units in LIHTC-funded projects, with 194 of these designated as low-income units. Based on the estimated 12,516 housing units in the zip code, LIHTC-funded affordable housing constitutes approximately 3.2% of the total housing stock.
The LIHTC program has invested $6,697,899 in project tax credits in this zip code. This equates to an average federal funding of about $16,914 per unit across all LIHTC-funded projects. Zip code 59601 accounts for 3.64% of Montana's total LIHTC funding, indicating its significance in the state's affordable housing landscape.
Affordable housing has been a consistent feature of this zip code, with projects dating from 1995 to 2015. The initial LIHTC project, Shadow Mountain Apartments, was completed in 1995, while the most recent, Guardian Apartments, was finished in 2015. The 2000s saw the highest number of affordable housing projects completed, with five projects constructed during this period.
The LIHTC-funded housing in zip code 59601 offers a range of unit types. Of the 396 total units, there are 120 efficiencies, 222 one-bedroom units, 31 two-bedroom units, and 14 three-bedroom units. This distribution indicates a focus on smaller households or individuals.
Over the past decade, zip code 59601 has experienced population growth, increasing from 29,926 in 2013 to 32,666 in 2022. The median income has also risen, from $61,033 in 2013 to $65,000 in 2022. The racial composition has remained relatively stable, with the white population consistently representing about 90% of residents.
The consistent population growth and rising median income suggest a potential ongoing need for affordable housing options. However, no new LIHTC projects have been completed since 2015, which may indicate that other affordable housing programs or initiatives are addressing the area's needs.
Zip code 59601 in Helena, Montana, has a significant LIHTC-funded affordable housing presence, representing 3.2% of the estimated housing stock. The area has received substantial federal investment, accounting for 3.64% of Montana's LIHTC funding. The affordable housing inventory is diverse, with a mix of unit sizes catering to various household needs. Demographic trends show population and income growth, while the racial composition has remained stable. The absence of new LIHTC projects since 2015, despite these demographic changes, may warrant further investigation into current affordable housing needs and strategies in the area.
