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Affordable Housing in Bay City, Texas: Three Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Bay City, Texas possesses a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprising 224 total units, with 72 units designated as low-income. This represents approximately 3% of the city's estimated 7,482 housing units. The city has received $116,099 in project tax credits for affordable housing through the LIHTC program, distributed across four projects. This equates to an average federal funding of $29,025 per project and $518 per unit. Bay City's share of the total state LIHTC funding for Texas is 0.1%.
The development of affordable housing in Bay City spans nearly two decades. The initial LIHTC project, Bay City Manor Apartments, was completed in 1987, while the most recent, Golden Manor Apartments, was finished in 2006. Two projects were completed in the 1980s, and two in the 2000s, demonstrating a consistent commitment to affordable housing development.
The LIHTC funded projects in Bay City offer a range of unit types, including 64 one-bedroom units, 68 two-bedroom units, 48 three-bedroom units, and 8 four-bedroom units. This diversity caters to various household sizes and needs within the community.
Bay City's population has decreased from 20,197 in 2019 to 19,528 in 2022. The median income has fluctuated, reaching $57,330 in 2019 before declining to $48,784 in 2022. This downward trend in income may indicate an increasing need for affordable housing options.
The racial composition of Bay City has changed, with the Hispanic population increasing from 48% in 2019 to 52% in 2022, while the White population decreased from 36% to 30%. The Black population has remained stable at approximately 13%. These demographic shifts may influence future affordable housing needs and targeted developments.
Bay City's LIHTC funded affordable housing inventory provides essential housing options for low-income residents, despite its modest size compared to the total housing stock. The city has maintained a consistent approach to affordable housing development over the years. The diverse unit types available reflect the community's needs. Recent demographic trends, including population decline and fluctuating median income, suggest an ongoing need for affordable housing options in Bay City. Monitoring these trends will be crucial in addressing future affordable housing requirements as the city continues to evolve.
