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Affordable Housing in Corvallis: Two Decades of LIHTC Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Corvallis, Montana has incorporated affordable housing through the Low-Income Housing Tax Credit (LIHTC) program. The community has 36 LIHTC-funded affordable housing units, with 35 designated as low-income units. These units represent approximately 4.65% of the city's estimated 774 housing units, indicating a contribution to affordable housing needs.
Corvallis has received $316,969 in project tax credits through the LIHTC program. With two projects, the average federal funding is $158,484.50 per project and $8,804.69 per unit. Corvallis holds 0.17% of the total state LIHTC funding, representing a modest contribution to Montana's affordable housing efforts.
The LIHTC-funded housing in Corvallis consists of 20 two-bedroom units and 16 three-bedroom units. Both projects, Corvallis Courtyards and Corvallis Courtyards II, were completed in 2002, demonstrating a two-decade presence of affordable housing in the community.
Corvallis has experienced demographic changes over the past decade. The population increased from 1,450 in 2013 to 2,021 in 2022. Median income rose from $19,983 in 2013 to $39,628 in 2022, indicating improved economic conditions for some residents.
The racial distribution in Corvallis has remained relatively stable, with the white population being predominant. There has been a slight increase in diversity, with the Hispanic population growing from 3% in 2013 to 4% in 2022, and residents identifying as two or more races increasing from 3% in 2013 to 5% in 2022.
No new LIHTC projects have been developed in Corvallis since 2002. This could be due to the community's small size, the existing affordable housing stock meeting current needs, or shifts in funding priorities at the state level.
Corvallis's LIHTC-funded affordable housing inventory provides important options for low-income residents. The two projects offer a mix of two- and three-bedroom units, catering to different family sizes. While demographic trends show population growth and increasing median income, the lack of new LIHTC developments in recent years suggests that current affordable housing stock may be meeting existing needs or that other factors are influencing affordable housing development in the area. Continued monitoring of demographic trends and housing needs will be crucial for ensuring that Corvallis maintains an adequate supply of affordable housing in the future.
