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Affordable Housing Analysis in Zip Code 59828: LIHTC Impact in Rural Corvallis, Montana
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 59828, representing Corvallis, Montana, is a rural area with a population of 4,854 as of 2022. This zip code contains 36 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, of which 35 are designated as low-income units. The estimated housing inventory in this zip code is 1,860 units, making LIHTC-funded affordable housing approximately 1.94% of the total housing stock.
The LIHTC program has invested $316,969 in tax credits for affordable housing projects in zip code 59828. This equates to an average federal funding of $8,805 per unit. This zip code accounts for 0.17% of the total LIHTC funding allocated to Montana, indicating a significant investment in affordable housing for this rural area.
The affordable housing inventory in zip code 59828 consists of two projects: Corvallis Courtyards and Corvallis Courtyards II, both completed in 2002. This indicates that affordable housing has been present in the area for over two decades. The early 2000s marked the most active period for affordable housing development in this zip code.
The housing units are distributed as follows: 20 two-bedroom units and 16 three-bedroom units. This distribution suggests a focus on accommodating families and households of varying sizes within the affordable housing inventory.
Over the past decade, the population in zip code 59828 has remained relatively stable, with a slight increase from 4,320 in 2015 to 4,854 in 2022. The median income has shown an overall upward trend, rising from $51,890 in 2015 to $63,147 in 2022, with some fluctuations in between. This income growth may indicate a changing economic landscape in the area.
Racial demographics have remained fairly consistent in zip code 59828, with the white population constituting the majority (approximately 92% in 2022). There has been a slight increase in diversity, with the Hispanic population growing from 3% in 2015 to 4% in 2022, and the percentage of residents identifying as two or more races increasing from 1% to 4% over the same period.
The LIHTC program has made a notable contribution to affordable housing in zip code 59828, providing 36 units that serve low-income residents. While this represents a small percentage of the overall housing stock, it is a significant investment for a rural area. The stable population and rising median income over the past decade suggest a potentially evolving need for affordable housing. The consistent racial composition, with a slight increase in diversity, may also influence future affordable housing needs in this zip code.
