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Affordable Housing in Aetna: LIHTC Impact on Gary Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Aetna neighborhood in Gary, Indiana, demonstrates a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 365 units in LIHTC-funded projects, including 182 designated low-income units. This represents approximately 9.9% of the neighborhood's estimated 3,689 housing units, based on the 2022 population of 9,629.
The LIHTC program has invested $400,764 in tax credits for affordable housing projects in the Aetna neighborhood. This equates to an average federal funding of about $1,098 per unit across all LIHTC-funded projects. The neighborhood has experienced LIHTC-funded affordable housing development over more than a decade, with projects completed between 2004 and 2017.
The 2010s witnessed the most significant affordable housing development in the Aetna neighborhood, with two projects completed in 2017. These projects, Woodlake Village II and III, contributed a substantial number of affordable units to the neighborhood's housing stock. The LIHTC-funded projects in Aetna offer a range of housing options, including 89 one-bedroom units, 221 two-bedroom units, 44 three-bedroom units, and 11 four-bedroom units. This distribution indicates a focus on accommodating various household sizes, with an emphasis on smaller families or individuals.
The Aetna neighborhood has experienced demographic changes over the past decade. The population has remained relatively stable, with a slight decrease from 10,721 in 2019 to 9,629 in 2022. Median income has shown an overall upward trend, increasing from $37,171 in 2017 to $44,136 in 2022, despite some year-to-year fluctuations.
Racial demographics have also shifted in the neighborhood. The Black population percentage decreased from 51% in 2017 to 42% in 2022, while the Hispanic population increased from 11% to 19% during the same period. The White population remained relatively stable at around 35-36%.
The completion of two LIHTC projects in 2017 coincides with a period of population growth and income fluctuations in the neighborhood. This suggests that the affordable housing development may have been responding to changing demographic needs and economic conditions in the area.
The Aetna neighborhood in Gary, Indiana, has a notable presence of LIHTC-funded affordable housing, representing nearly 10% of the estimated housing inventory. The neighborhood has seen consistent investment in affordable housing over the years, with significant development occurring in the 2010s. The LIHTC projects offer a range of unit sizes to accommodate diverse household needs. While demographic shifts have occurred over the past decade, including changes in racial composition and median income, the presence of LIHTC-funded housing suggests ongoing efforts to meet the affordable housing needs of the community.
