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Affordable Housing in Crestview: LIHTC Impact on Boulder Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Crestview, a neighborhood in Boulder, Colorado, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 41 affordable units, all of which are designated as low-income units. Based on the 2022 population of 1,033 and an estimated 396 housing units, the LIHTC funded affordable housing comprises approximately 10.4% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $482,010 in tax credits for affordable housing projects in Crestview. This equates to an average federal funding of $11,756 per unit. The neighborhood's LIHTC funded affordable housing is represented by a single project, Canopy At Red Oak Park, which was completed in 2020. This project marks the introduction of LIHTC-funded affordable housing in Crestview.
The Canopy At Red Oak Park project offers a diverse range of unit types to accommodate various household sizes. It includes 11 one-bedroom units, 19 two-bedroom units, and 11 three-bedroom units. This distribution indicates an effort to cater to different family sizes and living arrangements within the affordable housing framework.
Crestview has experienced demographic shifts over the past decade. The population has fluctuated, with a general downward trend from 1,376 in 2013 to 1,033 in 2022. The median income has shown variability, decreasing from $82,307 in 2013 to $75,555 in 2022, with fluctuations in between.
Racial distribution in Crestview has remained relatively stable, with the white population consistently representing the majority. There has been a slight increase in diversity, with small increases in Asian and multi-racial populations. The Hispanic population has fluctuated between 24% and 35% over the past decade.
The introduction of the LIHTC project in 2020 coincides with a period of population decline and income fluctuation, suggesting a response to changing housing needs in the neighborhood.
Crestview's affordable housing landscape is characterized by a single LIHTC project that provides 41 units, covering about 10.4% of the estimated housing inventory. The Canopy At Red Oak Park project, completed in 2020, offers a mix of one, two, and three-bedroom units, catering to diverse household sizes. The neighborhood has experienced demographic changes over the past decade, including population decline and income fluctuations, which may have influenced the decision to introduce LIHTC-funded affordable housing. The current LIHTC inventory contributes to addressing affordable housing needs in Crestview.
