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Affordable Housing in Buena Vista: LIHTC's Impact on a Changing Demographic Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Buena Vista, a city in Michigan, possesses a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city contains 554 total units in LIHTC funded projects, with 418 designated as low-income units. Based on an estimated housing inventory of 2,376 units, LIHTC funded affordable housing comprises approximately 23.3% of the city's housing stock. This percentage indicates that LIHTC funded projects are a substantial component of Buena Vista's housing options.
Buena Vista has about 8 LIHTC funded projects. The oldest recorded project is Vista Villa, completed in 1994, while the most recent projects include Trinity Buena Vista Homes and Mapleview Apts Phase 2, both completed in 2004. This data suggests that LIHTC funded affordable housing has been present in the city for at least a decade. The early 2000s appear to be the most active period for LIHTC project completions in Buena Vista, with notable projects including Brookwood Park (2002), Mapleview Apts (2003), and the aforementioned Trinity Buena Vista Homes and Mapleview Apts Phase 2 (both 2004).
The LIHTC funded projects in Buena Vista offer a range of housing options. The inventory includes 42 one-bedroom units, 306 two-bedroom units, 128 three-bedroom units, and 24 four-bedroom units. This distribution indicates a focus on accommodating families of various sizes, with a particular emphasis on two-bedroom units.
Buena Vista has experienced demographic changes over the past decade. The population has decreased from 6,485 in 2013 to 6,202 in 2022. However, the median income has increased significantly, rising from $24,909 in 2013 to $40,572 in 2022. This income growth may impact the demand for affordable housing in the area.
Regarding racial demographics, Buena Vista has maintained a predominantly Black population, although there has been a slight decrease from 75% in 2013 to 72% in 2022. Concurrently, there has been a notable increase in the Hispanic population, growing from 7% in 2013 to 12% in 2022. The White population has also seen a slight increase from 11% to 14% during this period.
Buena Vista's LIHTC funded affordable housing inventory constitutes a substantial portion of the city's housing landscape, covering nearly a quarter of the estimated housing stock. The early 2000s marked a significant period of affordable housing development in the city. Despite a slight population decrease over the past decade, the city has experienced notable median income growth. The racial demographic shifts, particularly the increase in Hispanic and White populations, may influence future affordable housing needs and development strategies in Buena Vista.
