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Affordable Housing in Denison, Texas: LIHTC Funding and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Denison, Texas, located in Grayson County, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory that addresses the housing needs of its low-income residents. The city's LIHTC program has funded 221 affordable housing units, with 205 designated as low-income units. Based on the estimated housing inventory of 12,809 units, LIHTC funded affordable housing comprises approximately 1.72% of the city's housing stock.
Denison has received $463,334 in project tax credits through the LIHTC program. With approximately 3 projects funded, this translates to an average of $154,445 in federal funding per project. The average federal funding per unit is about $2,097. The city holds 0.4% of the total state LIHTC funding, indicating a relatively small share of Texas's overall affordable housing investment through this program.
The LIHTC funded projects in Denison span from 2005 to 2007, with Heritage Park being the first project completed in 2005 and Lakeview Park following in 2007. This suggests that LIHTC funded affordable housing has been present in the city for over a decade. The 2000s saw the most LIHTC affordable housing activity in Denison, with two projects completed during this period.
The LIHTC funded housing stock in Denison consists of a mix of unit types, including 16 one-bedroom units, 34 two-bedroom units, and 26 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, from individuals to small families.
Over the past decade, Denison's population has grown from 29,492 in 2015 to 33,431 in 2022, representing a 13.4% increase. During this same period, the median income rose from $48,770 in 2015 to $56,289 in 2022, an increase of about 15.4%. The racial composition of Denison has remained relatively stable, with a slight decrease in the white population from 80% in 2015 to 79% in 2022, and small increases in Hispanic (from 8% to 9%) and multi-racial populations (from 3% to 5%).
While no new LIHTC projects have been recorded in the last decade, the population growth and income increase suggest a potential need for additional affordable housing options to keep pace with the city's development.
Denison's LIHTC funded affordable housing inventory provides an important resource for low-income residents. The program has contributed to the creation of 221 affordable units, representing 1.72% of the city's estimated housing stock. The housing mix caters to various household sizes, with a focus on one to three-bedroom units. While LIHTC development appears to have slowed in recent years, the city's growing population and rising median income may indicate a continued need for affordable housing options to ensure balanced community development.
