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Affordable Housing in Basalt, Colorado: LIHTC Program Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Basalt, a town in Colorado, has a specific affordable housing landscape influenced by the Low-Income Housing Tax Credit (LIHTC) program. The town's LIHTC-funded affordable housing inventory comprises 56 total units, with 44 designated as low-income units. Based on the estimated housing inventory of 1,736 units, LIHTC-funded affordable housing represents approximately 3.2% of the town's housing stock.
Basalt has received $1,096,514 in project tax credits through the LIHTC program. With one project, this translates to an average federal funding of $1,096,514 per project and $19,580 per unit. Basalt holds 0.25% of Colorado's total LIHTC funding, indicating a small but significant contribution to the state's affordable housing efforts.
The town's LIHTC-funded affordable housing is represented by a single project, the Roaring Fork Apartments, completed in 2018. This project marks the beginning of LIHTC-funded affordable housing in Basalt, demonstrating the town's recent entry into this federal program. The Roaring Fork Apartments project provides a mix of unit types, with 42 one-bedroom units and 14 two-bedroom units. This distribution suggests a focus on accommodating smaller households and families within the affordable housing framework.
Over the past decade, Basalt's population has fluctuated, peaking at 5,154 in 2018 before decreasing to 4,531 in 2022. The completion of the Roaring Fork Apartments coincided with the population peak, potentially addressing a growing need for affordable housing at that time.
The median income in Basalt has shown an upward trend, rising from $73,566 in 2013 to $89,393 in 2022. This increase in median income might suggest a growing disparity between high-income and low-income residents, potentially increasing the need for affordable housing options.
Racial demographics in Basalt have seen shifts over the past decade. The Hispanic population decreased from 36% in 2018 to 18% in 2022, while the white population increased from 62% to 79% during the same period. These changes in racial composition might influence the demand for affordable housing among different demographic groups.
Basalt's LIHTC-funded affordable housing, while relatively new and modest in scale, plays a role in addressing the town's housing needs. The Roaring Fork Apartments, completed in 2018, represents the town's initial participation in LIHTC-funded housing, offering a mix of one and two-bedroom units. While the current LIHTC inventory covers a small percentage of the estimated housing stock, it provides a resource for low-income residents in a town experiencing fluctuating population trends and increasing median incomes. The changing racial demographics and economic landscape of Basalt may continue to shape the demand for affordable housing in the future.
