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Affordable Housing in Benton, Arkansas: LIHTC-Funded Inventory Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Benton, Arkansas, a city with a population of 39,360 as of 2022, has two Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects. These projects provide a total of 135 units, with 134 designated as low-income units. Based on an estimated housing inventory of 15,080 units, LIHTC-funded affordable housing comprises approximately 0.89% of the city's housing stock.
Benton has received $221,670 in project tax credits for its LIHTC-funded affordable housing. This averages to $110,835 per project, with an average federal funding of $1,642 per unit. The city's LIHTC projects account for 0.14% of the state's total LIHTC funding.
The first LIHTC project in Benton, Fountain Lakes Apartments, was completed in 1994, while the most recent project, Chapel Ridge Of Benton, was finished in 2003. This indicates that affordable housing has been present in the city for at least 29 years. The 1990s and early 2000s saw the most affordable housing development activity in Benton.
The LIHTC-funded housing inventory in Benton consists of 1 efficiency unit, 14 one-bedroom units, 84 two-bedroom units, and 36 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families.
Over the past decade, Benton's population has grown steadily, increasing from 34,319 in 2013 to 39,360 in 2022. The median income has also risen, from $63,887 in 2013 to $70,231 in 2022. Despite this growth, no new LIHTC projects have been developed in the last decade.
The racial composition of Benton has remained relatively stable, with a slight decrease in the white population from 87% in 2013 to 82% in 2022, and small increases in Black and multiracial populations. The Hispanic population has remained consistent at around 3-4%.
Benton's LIHTC-funded affordable housing inventory, while modest, has been a part of the city's housing landscape for nearly three decades. The two projects provide 135 units, primarily consisting of two-bedroom apartments. Despite population growth and increasing median income over the past decade, no new LIHTC projects have been developed. The city's demographic shifts have been gradual, with slight increases in diversity. LIHTC-funded housing covers less than 1% of the estimated housing stock.
