Loading Content...
Affordable Housing Analysis in Zip Code 59716: Big Sky's LIHTC-Funded 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 59716, encompassing Big Sky in Montana, contains a modest inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This zip code has 72 total units in LIHTC funded projects, with 36 designated as low-income units. Based on the estimated 559 housing units in the zip code, LIHTC funded affordable housing accounts for approximately 12.9% of the total housing inventory, approaching the 15-20% target range for a well-balanced community.
The LIHTC program has invested $206,428 in tax credits for affordable housing projects in zip code 59716. This equates to an average federal funding of $2,867 per unit. Zip code 59716 represents 0.11% of Montana's total LIHTC funding allocation.
The affordable housing inventory in zip code 59716 consists of 22 efficiencies, 24 one-bedroom units, and 26 two-bedroom units. This unit mix caters to various household sizes and needs within the community. Both LIHTC funded projects in this zip code, "Big Sky Apartments - Phase I" and "Big Sky Apartments II," were completed in 1998, indicating that affordable housing has been part of the community for over two decades.
Big Sky has experienced significant population growth over the past decade, increasing from 1,128 residents in 2013 to 1,460 in 2022, a 29.4% growth. This suggests a rising demand for housing, including affordable options.
Median income in zip code 59716 has increased substantially, rising from $90,134 in 2013 to $111,664 in 2022. Despite this upward trend in income, the presence of LIHTC funded housing remains crucial for maintaining economic diversity and supporting essential workers in the community.
Racial demographics in zip code 59716 have remained relatively stable, with the white population comprising the majority. There has been a slight increase in diversity, with the Hispanic population growing from 0% in 2013 to 13% in 2022. This demographic shift may indicate a growing need for culturally responsive affordable housing options.
The LIHTC program has played a significant role in providing affordable housing in zip code 59716, with projects dating back to 1998. While the current inventory approaches the target range for a well-balanced community, the area's rapid population growth and rising median income suggest an ongoing need for affordable housing options. The diverse mix of unit types in LIHTC funded projects helps address the varied housing needs of the community. As zip code 59716 continues to evolve demographically and economically, maintaining and potentially expanding affordable housing options will be crucial for ensuring a diverse and inclusive community.
