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Affordable Housing in Deer Valley: LIHTC Impact on Phoenix 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
Deer Valley, a neighborhood in Phoenix, Arizona, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood currently has 155 total units in LIHTC funded projects, with 131 of these designated as low-income units. Based on the 2022 population of 191,264 and using the national average household size, there are approximately 73,281 housing units in the neighborhood. The LIHTC funded affordable housing covers about 0.21% of the estimated housing inventory in Deer Valley.
The LIHTC program has provided $339,103 in tax credits for affordable housing projects in Deer Valley. This translates to an average federal funding of approximately $2,188 per unit. The neighborhood's LIHTC funded affordable housing inventory consists of one project, Bridgewater Deer Valley Assisted Living, completed in 2017. This project marks the beginning of LIHTC funded affordable housing in the neighborhood.
The Bridgewater Deer Valley Assisted Living project offers a mix of unit types. It includes 12 efficiencies, 134 one-bedroom units, and 9 two-bedroom units. This distribution suggests a focus on accommodating individuals and small families. The project's target population is Assisted Living, indicating a focus on providing affordable housing options for seniors or individuals requiring additional support services.
Over the past decade, Deer Valley has experienced population growth, increasing from 182,583 in 2013 to 191,264 in 2022. The median income has also risen, from $73,027 in 2013 to $80,614 in 2022, indicating overall economic improvement in the neighborhood.
The racial composition of Deer Valley has become more diverse over the past decade. The percentage of white residents decreased from 74% in 2013 to 65% in 2022, while the Hispanic population increased from 15% to 21%. There were also slight increases in Asian, Black, and multi-racial populations.
The introduction of the LIHTC project in 2017 coincides with this period of demographic change and economic growth. The focus on assisted living may be a response to an aging population or increased demand for supportive housing options in the area.
Deer Valley's LIHTC funded affordable housing inventory, while small relative to the overall housing stock, provides a resource for low-income residents, particularly those requiring assisted living services. The single project, completed in 2017, offers a mix of unit types to accommodate various needs. The neighborhood's demographic trends, including population growth, rising median income, and increasing diversity, provide context for the development of affordable housing in the area. The current LIHTC inventory covers a small percentage of the estimated housing units in Deer Valley.
