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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Congress Park, a neighborhood in Denver, Colorado, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 482 total units in LIHTC funded projects, with 481 designated as low-income units. Based on the 2022 population of 11,360 and an estimated 4,352 housing units, LIHTC funded affordable housing comprises approximately 11.1% of the neighborhood's estimated housing inventory.
The LIHTC program has invested substantially in Congress Park, with project tax credits totaling $2,022,297. This equates to an average federal funding of about $4,195 per unit in LIHTC funded projects. The neighborhood has demonstrated a long-term commitment to affordable housing, with projects spanning from 1990 to 2017. The initial LIHTC project, DHA Scattered Sites, was completed in 1990, while the most recent, Congress Park Commons, was finished in 2017.
The 1990s witnessed the most activity in LIHTC project completion, with three out of the four projects being completed during this decade. These include the Austin Building (1996) and Dave's Place (1999), in addition to the aforementioned DHA Scattered Sites. The affordable housing inventory in Congress Park includes a mix of unit types, with 26 efficiencies and 20 one-bedroom units. Data on larger units is not available.
Over the past decade, Congress Park has experienced demographic changes. The population increased from 10,513 in 2013 to 11,360 in 2022, a growth of about 8%. During this same period, the median income rose from $76,285 to $86,321, reflecting an increase of approximately 13%. Racial distribution in the neighborhood has remained relatively stable, with a slight decrease in the white population from 80% in 2013 to 77% in 2022. There has been a small increase in diversity, with slight growth in Asian, Hispanic, and multiracial populations.
The completion of Congress Park Commons in 2017 coincides with a period of population growth and rising median incomes in the neighborhood. This suggests that despite increasing affluence, there was still a recognized need for affordable housing options in the area. Congress Park demonstrates a consistent commitment to affordable housing through the LIHTC program, with projects spanning nearly three decades. The neighborhood's LIHTC inventory covers a significant portion of its estimated housing stock, providing important affordable options in an area that has seen population growth and rising incomes.
The mix of unit types, with a focus on efficiencies and one-bedrooms, suggests an effort to meet the needs of diverse household sizes. While the neighborhood has become slightly more diverse over the past decade, the continued development of LIHTC projects indicates an ongoing effort to maintain economic diversity alongside racial and ethnic diversity in Congress Park.