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Affordable Housing Analysis in Zip Code 80487: Steamboat Springs' LIHTC Inventory
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 80487, encompassing Steamboat Springs, Colorado, is a mountain community with a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 200 total units, of which 199 are designated as low-income units. Based on the 2022 population of 17,994 and the national average household size of 2.61, the estimated housing units in the zip code are approximately 6,894. The LIHTC funded affordable housing represents about 2.9% of the estimated housing inventory in this area.
The LIHTC program has made a substantial investment in this zip code, with project tax credits totaling $14,156,165. This equates to an average federal funding of approximately $70,781 per unit. Notably, this zip code accounts for 3.21% of Colorado's total LIHTC funding, indicating a significant concentration of affordable housing investment in the area.
Affordable housing has been a component of this community for over two decades. The initial LIHTC project, Mountain Village, was completed in 1996, while the most recent addition, Alpenglow Village, was finished in 2020. This 24-year span demonstrates a sustained commitment to affordable housing in the area. The 2010s witnessed the most activity in LIHTC development, with two projects completed during this decade: Reserves At Steamboat Springs in 2017 and Alpenglow Village in 2020.
The LIHTC funded housing inventory in this zip code offers a range of unit types. Of the 200 total units, there are 16 one-bedroom, 80 two-bedroom, and 68 three-bedroom units. This distribution suggests accommodation for households of various sizes.
Over the past decade, the population in zip code 80487 has grown steadily, increasing from 16,806 in 2013 to 17,994 in 2022. During this period, the median income has also risen, from $81,600 in 2013 to $90,271 in 2022, with a peak of $102,286 in 2021. This upward trend in income may indicate a growing need for affordable housing options to maintain economic diversity in the community.
The racial composition of the area has remained relatively stable, with a slight decrease in the white population from 90% in 2013 to 82% in 2022, and a corresponding increase in diversity, particularly in the "two or more races" category, which grew from 0% to 9% during this period. The Hispanic population has remained steady at around 6-7%.
The completion of two LIHTC projects in 2017 and 2020 aligns with the period of population growth and increasing median income, suggesting a proactive approach to maintaining affordable housing options in a potentially appreciating market.
The LIHTC program has played a crucial role in providing affordable housing in zip code 80487, with 199 low-income units across three projects completed over a 24-year period. While these units represent a small percentage of the estimated housing inventory, they reflect a consistent effort to maintain affordable options in an area experiencing population growth and rising incomes. The diverse unit mix caters to various household sizes, contributing to the community's housing diversity. The significant share of state LIHTC funding allocated to this zip code underscores the importance of affordable housing in this mountain community.
