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Affordable Housing in Bismarck, Missouri: LIHTC Program's Impact on a Small 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
Bismarck, Missouri, demonstrates a unique affordable housing landscape supported by the Low-Income Housing Tax Credit (LIHTC) program. The city contains 46 affordable units, all categorized as low-income. Based on the 2022 population estimate, Bismarck's housing inventory is approximately 801 units, with LIHTC-funded affordable housing comprising about 5.7% of the total housing stock.
Bismarck has received $1,051,036 in project tax credits through the LIHTC program. This funding, allocated to one project, averages $1,051,036 per project and $22,848 per unit. The city's LIHTC funding represents 0.3% of Missouri's total, indicating a small but notable contribution to the state's affordable housing efforts.
The sole LIHTC-funded project in Bismarck is Springwood Apartments, completed in 2012. This development marks the inception of LIHTC-supported affordable housing in the city, representing a decade-long presence of affordable housing options.
Springwood Apartments consists of 46 units, distributed as 28 two-bedroom units, 14 three-bedroom units, and 4 four-bedroom units. This composition suggests an emphasis on accommodating families of various sizes within the affordable housing inventory.
Over the past decade, Bismarck's population has fluctuated, with the 2022 population recorded at 2,091. The median income has increased overall from $28,578 in 2013 to $39,083 in 2022, indicating a gradual improvement in economic conditions.
Racial demographics in Bismarck have undergone slight changes. The city remains predominantly white, but diversity has increased marginally. The white population decreased from 99% in 2016 to 87% in 2022, with small increases in other racial categories, notably those identifying as two or more races (increasing from 0% to 7%) and Native American (increasing from 0% to 5%).
Bismarck's LIHTC-funded affordable housing, though modest in scale, plays a vital role in providing low-income housing options. Springwood Apartments contributes significantly to the city's affordable housing inventory, offering various unit sizes to meet diverse household needs. While the percentage of affordable housing is below typical target levels for a well-balanced city, other housing programs may contribute to the overall affordable housing stock. The demographic trends over the past decade, including the slight increase in median income and growing diversity, may influence future affordable housing needs and developments in Bismarck.
