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Affordable Housing in Colesville: LIHTC's Impact on a Maryland 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
Colesville, Maryland, has implemented the Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The city's LIHTC-funded affordable housing inventory comprises 96 units, all designated as low-income. This inventory represents approximately 1.82% of the city's estimated 5,279 total housing units. While this percentage falls below the typical 15-20% target for affordable housing, it only accounts for LIHTC-funded units.
The city has two LIHTC-funded projects: Randolph Village Apartments and Randolph Manor. Randolph Village Apartments, completed in 1997, consists of 13 units. Randolph Manor, finished in 2004, is larger with 83 units. These projects indicate that affordable housing initiatives have been present in Colesville for over two decades.
The 1990s and 2000s were the most active periods for LIHTC-funded affordable housing development in Colesville. Randolph Manor provides 23 one-bedroom and 6 two-bedroom units, while Randolph Village Apartments offers 1 one-bedroom and 3 two-bedroom units. In total, these projects provide 24 one-bedroom and 9 two-bedroom units, addressing various household sizes within the low-income population.
Colesville's population has remained relatively stable over the past decade, ranging between 13,400 and 14,400 residents. The median income has shown a general upward trend, increasing from $124,867 in 2013 to $122,982 in 2022, with some fluctuations. This rise in median income may indicate an increasing need for affordable housing options for lower-income residents facing higher housing costs.
The racial composition of Colesville has changed over the past decade. The Black population increased from 25% in 2013 to 30% in 2022, while the White population decreased from 38% to 33%. The Hispanic population grew from 11% to 14%, and the Asian population remained stable at around 20%. These demographic shifts may suggest changing housing needs within the community.
Colesville's LIHTC-funded affordable housing inventory provides 96 low-income units through two projects developed in the late 1990s and early 2000s. The city's demographic trends, including rising median income and changes in racial composition, indicate an ongoing need for affordable housing. While the current LIHTC-funded units contribute to addressing this need, there may be opportunities for further affordable housing development to meet the evolving demands of Colesville's diverse population.
