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Affordable Housing Dynamics in Zip Code 59802: A Three-Decade Overview of LIHTC Projects in 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 59802 in Montana covers an area of 215.31 square miles and has a population of approximately 19,094 residents as of 2022. This zip code contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, totaling 378 units, with 261 designated as low-income units. Based on an estimated housing inventory of 7,316 units, LIHTC-funded affordable housing represents about 5.2% of the zip code's housing stock.
The LIHTC projects in zip code 59802 have received $2,067,162 in tax credits, averaging $5,469 in federal funding per unit. This allocation represents 1.12% of Montana's total LIHTC allocation, indicating a substantial investment in affordable housing for this area. The affordable housing presence in this zip code spans nearly three decades, with the earliest projects completed in 1994 and the most recent known completions in 2013. The 1990s saw the highest affordable housing activity, with five projects completed during that decade.
The LIHTC-funded housing inventory in zip code 59802 offers a diverse range of unit types, including 26 efficiencies, 135 one-bedroom units, 137 two-bedroom units, and 5 three-bedroom units. This distribution suggests a focus on accommodating smaller households and individuals. Several projects cater to specific populations, such as Creekside Apartments for individuals with disabilities and Lenox Flats for victims of domestic violence. These specialized projects address unique housing needs within the community.
Over the past decade, the population of zip code 59802 has remained relatively stable, fluctuating between 19,000 and 20,000 residents. The median income has shown an overall upward trend, increasing from $48,204 in 2013 to $58,349 in 2022, with a peak of $65,027 in 2021. This income growth may impact the demand for affordable housing in the area.
Racial demographics in zip code 59802 have remained largely consistent, with the white population comprising the majority (84-91%) throughout the decade. However, there has been a slight increase in diversity, with the Hispanic population growing from 2% to 7% between 2013 and 2022, and a small rise in the Asian and multiracial populations.
Zip code 59802 in Montana has a substantial LIHTC-funded affordable housing inventory, covering about 5.2% of the estimated housing stock. The area has seen consistent investment in affordable housing over nearly three decades, with projects catering to various needs, including specialized housing for vulnerable populations. While the population has remained stable, rising median incomes and subtle shifts in racial demographics may influence future affordable housing needs in this zip code.
