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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Benton, Kansas, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city contains 12 affordable units, all categorized as low-income. Based on the 2022 population of 1,931 and an estimated 740 housing units, LIHTC-funded affordable housing comprises approximately 1.62% of the city's estimated housing inventory. Benton has received $24,777 in project tax credits from the LIHTC program. With one project, this equates to an average federal funding of $24,777 per project and $2,065 per unit. The city holds 0.02% of the total state LIHTC funding. The sole LIHTC-funded project in Benton is the Benton Senior Residences, completed in 1997. This project initiated LIHTC-funded affordable housing in the city and has provided housing options for over two decades.
The Benton Senior Residences project consists of 12 units, including one one-bedroom unit and two two-bedroom units. This distribution indicates a focus on smaller household sizes, aligning with the project's name suggesting senior housing. Benton has experienced demographic changes over the past decade. The population decreased from 2,420 in 2018 to 1,931 in 2022, a decline of about 20%. Despite this population decrease, the median income has shown an overall upward trend, rising from $68,889 in 2018 to $73,399 in 2022.
The racial composition of Benton has remained predominantly white, with a slight decrease from 88% in 2018 to 86% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 1% in 2018 to 9% in 2022, and the Asian population increasing from 0% to 2% during the same period.
The absence of new LIHTC projects in the last decade may be attributed to the rising median income and the overall population decline, potentially indicating a reduced need for additional low-income housing units.
Benton's LIHTC-funded affordable housing inventory consists of a single project, the Benton Senior Residences, which has provided 12 low-income units since 1997. While this represents a small portion of the city's estimated housing inventory, it has been a consistent presence for over 25 years. The city's demographic trends, including a declining population but rising median income, may have influenced the lack of new LIHTC projects in recent years. The slight increase in racial diversity, particularly in the Hispanic and Asian populations, could be a factor to consider in future affordable housing planning.