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Affordable Housing in Chesterfield: Limited LIHTC Development in an Affluent Suburb
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Chesterfield, Missouri, has a minimal Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city possesses 3 affordable units, all categorized as low-income. This inventory constitutes approximately 0.02% of Chesterfield's estimated 18,496 total housing units, based on the 2022 population of 48,275 and the national average household size of 2.61.
Chesterfield has received $450,000 in LIHTC project tax credits for affordable housing. With one approximate project, this equates to an average federal funding of $450,000 per project and $150,000 per unit. The city holds 0.13% of Missouri's total LIHTC funding, indicating a small share of the state's affordable housing resources.
The city's LIHTC-funded affordable housing inventory consists of a single project: Hillsdale Homes 2015, completed in 2016. This project comprises the entirety of Chesterfield's LIHTC-funded affordable housing, suggesting a recent introduction of such housing in the city. All 3 units in the project are three-bedroom units, targeting the handicapped population and indicating a focus on accessible housing for individuals with disabilities.
Over the past decade, Chesterfield has experienced modest population growth, increasing from 46,381 in 2010 to 48,275 in 2022. The median income has risen significantly, from $114,162 in 2013 to $127,271 in 2022, indicating a generally affluent community.
Racial demographics show a gradual diversification trend. The white population has decreased from 84% in 2013 to 74% in 2022, while the Asian population has increased from 8% to 13% during the same period. The black population has remained relatively stable at around 3-4%. The introduction of LIHTC-funded housing in 2016 coincides with this period of demographic change, potentially reflecting an effort to address evolving housing needs in the community.
Chesterfield's LIHTC-funded affordable housing inventory is limited, consisting of one project with 3 units, all targeting the handicapped population. This represents a very small portion of the city's estimated housing stock. The city has seen moderate population growth and significant income increases over the past decade, along with gradual racial diversification. The LIHTC program has made a small contribution to Chesterfield's affordable housing landscape, with minimal impact on the city's overall housing market based on the available data.
