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Affordable Housing in Altus, Oklahoma: LIHTC Program's Impact on a Military City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Altus, Oklahoma, a city adjacent to Altus Air Force Base, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 103 total units, with 102 designated as low-income units. This inventory represents approximately 1.39% of the city's estimated 7,398 housing units. The LIHTC program in Altus has received $581,669 in project tax credits, averaging $193,890 per project and $5,647 per unit in federal funding. Altus accounts for 0.17% of Oklahoma's total LIHTC funding allocation.
The city's LIHTC-funded affordable housing history spans from 1993 to 2018. The initial project, Lincoln Manor Apartments, was completed in 1993. The most recent developments, Parkridge Estates Apartments and The Towers Apartments, were both completed in 2018, marking a 25-year presence of affordable housing in Altus. The 2010s experienced the most significant LIHTC-funded housing development activity.
Altus's LIHTC inventory comprises various unit types. Of the 103 total units, there are 18 efficiencies and 32 one-bedroom apartments. The distribution of remaining units by bedroom count is not specified in the available data.
Altus has experienced a slight population decline over the past decade, from 20,377 in 2010 to 19,310 in 2022. Despite this decrease, the median income has increased from $46,818 in 2013 to $53,194 in 2022. This rise in median income may partially explain the limited LIHTC activity in recent years.
The racial composition of Altus has remained relatively stable, with a slight increase in diversity. The Hispanic population has grown from 24% in 2013 to 28% in 2022, while the White population has decreased from 61% to 58% over the same period. The Black population has remained consistent at approximately 7-8%.
Altus's LIHTC-funded affordable housing inventory provides important housing options for low-income residents. The city's share of state LIHTC funding and the long-term presence of affordable housing projects demonstrate a consistent commitment to addressing affordable housing needs. The completion of two projects in 2018 suggests ongoing efforts to maintain and potentially expand affordable housing options, even as the city experiences demographic shifts and income growth.
