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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Broken Arrow, Oklahoma's fourth-largest city, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 164 total units, with 108 designated as low-income units. Based on the estimated housing inventory of 46,149 units, LIHTC-funded affordable housing represents approximately 0.36% of the city's housing stock.
Broken Arrow has received $589,439 in project tax credits for LIHTC-funded affordable housing. With three approximate projects, this equates to an average federal funding of $196,480 per project and $3,594 per unit. The city holds 0.18% of Oklahoma's total LIHTC funding, indicating a modest share of the state's affordable housing resources.
The LIHTC program has been active in Broken Arrow since at least 2000, with the completion of the Vandever House project. The most recent project, Kenosha Landing, was completed in 2011, suggesting over a decade of LIHTC-supported affordable housing development in the city.
The inventory of LIHTC-funded units in Broken Arrow primarily consists of one-bedroom apartments, with 84 such units available. There are also 4 two-bedroom units, providing options for slightly larger households. The absence of efficiencies and larger units suggests a focus on small families or individuals in the city's affordable housing strategy.
Over the past decade, Broken Arrow has experienced steady population growth, increasing from 103,534 in 2012 to 120,448 in 2022. The median income has also risen, from $65,973 in 2013 to $79,075 in 2022, indicating overall economic improvement for the city's residents.
Racial demographics have shown shifts, with the white population decreasing from 73% in 2013 to 66% in 2022. There have been slight increases in Asian, Black, and Hispanic populations, suggesting growing diversity. The Native American population has remained relatively stable at around 5%.
Despite demographic changes and population growth, there have been no new LIHTC projects since 2011. This may be due to the rising median income, which might have reduced the perceived need for additional low-income housing. However, the growing population and increasing diversity might suggest a potential need for more affordable housing options in the future.
Broken Arrow's LIHTC-funded affordable housing inventory provides important housing options for low-income residents. The city has seen consistent population growth and increasing median income over the past decade, along with gradual diversification of its racial makeup. While LIHTC development has been inactive since 2011, the changing demographics and continued growth of the city may warrant reassessment of affordable housing needs in the coming years.