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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Columbia Falls, a city in Montana, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory consists of 80 total units, with 79 of these designated as low-income units. Based on the 2022 population of 8,694 and an estimated 3,331 housing units, the LIHTC-funded affordable housing represents approximately 2.4% of the city's estimated housing inventory.
Columbia Falls has received $154,838 in project tax credits for affordable housing through the LIHTC program. With three approximate projects, this translates to an average of $51,613 in federal funding per project. The average federal funding per unit is $1,935, considering the total of 80 units in LIHTC-funded projects. Columbia Falls holds 0.08% of Montana's total LIHTC funding, indicating a relatively small but significant contribution to the state's affordable housing efforts.
The city's LIHTC-funded affordable housing spans from 2000 to 2004, with Columbia Villa Apartments and Teakettle Vista Apartments both completed in 2000, and Teakettle Vista Apartments II finished in 2004. This four-year period marks the initial establishment of LIHTC-supported affordable housing in Columbia Falls. The early 2000s saw the most affordable housing activity, with two projects completed in 2000 alone. This decade was crucial for the development of affordable housing in the city.
The LIHTC-funded housing in Columbia Falls offers a mix of unit types, including 21 one-bedroom units, 29 two-bedroom units, and 12 three-bedroom units. This diverse range caters to various household sizes and needs within the low-income population.
Over the past decade, Columbia Falls has experienced steady population growth, increasing from 7,910 in 2015 to 8,694 in 2022. The median income has also shown an upward trend, rising from $45,121 in 2015 to $51,793 in 2022. This economic growth might indicate a changing landscape for housing needs in the city.
Racial demographics have remained relatively stable, with the white population consistently representing over 90% of the city's residents. There has been a slight increase in diversity, with the percentage of residents identifying as two or more races growing from 1% in 2015 to 5% in 2022.
While no new LIHTC projects have been recorded in the last decade, the demographic trends suggest a potential need for additional affordable housing options to keep pace with population growth and rising median incomes.
Columbia Falls has a modest but important LIHTC-funded affordable housing inventory, representing 2.4% of the estimated housing stock. The city's three LIHTC projects, all completed in the early 2000s, provide 79 low-income units with a mix of one-, two-, and three-bedroom options. While the city has experienced population growth and increasing median incomes over the past decade, no new LIHTC projects have been recorded during this period. This analysis highlights the historical importance of LIHTC funding in providing affordable housing options in Columbia Falls and suggests potential opportunities for future affordable housing development to address ongoing population growth and changing demographics.