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Affordable Housing in Cape Girardeau: LIHTC's Impact on a Growing Missouri 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
Cape Girardeau, Missouri, located along the Mississippi River, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory consists of 373 total units, with 337 designated as low-income units. This represents approximately 2.13% of the city's estimated housing inventory of 17,509 units.
Cape Girardeau has received $2,543,021 in project tax credits through the LIHTC program. With approximately 11 projects, this equates to an average federal funding of $231,183 per project and $6,818 per unit. Cape Girardeau holds 0.73% of Missouri's total LIHTC funding, indicating a substantial investment in affordable housing for a city of its size.
The city's involvement with LIHTC-funded affordable housing began in 1996 with the Heritage Manor project and continues to the present, with the most recent addition being Liberty Apartments of Cape in 2020. This 24-year span demonstrates a sustained commitment to affordable housing development.
The 2000s experienced the most activity in affordable housing development, with multiple projects completed during this decade. Notable projects include Fort Hope and Rosebrook Apartments (both completed in 2001), Napa Ridge (2004), and Cape Meadows (2006).
The LIHTC-funded housing stock in Cape Girardeau is diverse, with a mix of unit sizes. The inventory includes 54 one-bedroom units, 234 two-bedroom units, and 49 three-bedroom units, accommodating various household sizes and needs.
Liberty Apartments of Cape, completed in 2020, specifically targets individuals with disabilities. This project addresses the unique housing needs of a vulnerable population, potentially offering specialized amenities and support services.
Cape Girardeau's population has shown a modest increase, growing from 44,931 in 2014 to 45,699 in 2022. During this period, the median income rose from $44,317 in 2014 to $53,683 in 2022, indicating improving economic conditions for residents.
The racial composition of Cape Girardeau has remained relatively stable, with a slight decrease in the white population from 81% in 2014 to 77% in 2022. There has been a small increase in diversity, with slight growth in Asian, Hispanic, and multiracial populations.
The construction of Liberty Apartments of Cape in 2020 suggests a continued need for affordable housing, particularly for specialized populations, despite the overall economic improvements in the city.
Cape Girardeau's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The city has maintained a consistent commitment to affordable housing development over more than two decades, with a diverse range of unit types to accommodate different household sizes. The recent focus on housing for individuals with disabilities demonstrates an evolving approach to meet specific community needs. While the city has experienced modest population growth and income increases, the continued development of LIHTC projects indicates an ongoing demand for affordable housing options in Cape Girardeau.
