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Affordable Housing in Absarokee: Analysis of LIHTC-Funded 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
Absarokee, a small community in Montana, has a total of 32 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. These units represent approximately 9.6% of the city's estimated housing stock of 333 units. All 32 units are designated as low-income units.
The LIHTC program has provided $15,134 in project tax credits to Absarokee. This funding represents about 0.01% of Montana's total LIHTC allocations. The city has one LIHTC-funded project, Homestead Lodge Apartments, which was completed in 1998. This project has been providing affordable housing options for over two decades.
The affordable housing inventory in Absarokee consists of 28 one-bedroom units and 4 two-bedroom units. This distribution indicates a focus on accommodating smaller households or individuals. The average federal funding per unit is approximately $473.
Absarokee has experienced demographic changes over the past decade. The population decreased from 1,072 in 2019 to 869 in 2022. Despite this decrease, the median income has shown an upward trend, rising from $49,012 in 2019 to $62,112 in 2022. This increase in median income may suggest a reduced need for additional affordable housing in recent years.
The racial distribution in Absarokee has remained predominantly white, consistently above 90% throughout the last decade. There has been a slight increase in diversity, with the percentage of residents identifying as two or more races rising from 1% in 2019 to 8% in 2022.
Absarokee's LIHTC-funded affordable housing inventory, while modest, covers nearly 10% of the estimated housing stock. The single project, Homestead Lodge Apartments, has been providing affordable housing options since 1998. The city's demographic trends, including a slight population decrease and rising median income, may influence future affordable housing needs. As the community continues to evolve, ongoing assessment of housing needs will be crucial to ensure an adequate supply of affordable options for residents.
