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Affordable Housing in Denver's DIA Neighborhood: LIHTC Impact on Housing Stock and Demographics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The DIA neighborhood in Denver, Colorado, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 456 total units, all of which are designated as low-income units. This affordable housing stock plays a crucial role in addressing the community's housing needs.
Based on the 2022 population of 8,064 and using the national average household size of 2.61, approximately 3,090 housing units are estimated in the neighborhood. The 456 LIHTC-funded affordable units represent about 14.8% of this estimated housing inventory, which aligns closely with the target percentage of 15-20% for a well-balanced community.
The LIHTC program has invested significantly in the DIA neighborhood, with project tax credits totaling $3,828,472. This translates to an average federal funding of approximately $8,395 per unit across all LIHTC-funded projects in the area.
The neighborhood has seen LIHTC-funded affordable housing development spanning from 2016 to 2019. The first project, Meadows At Dunkirk, was completed in 2016, while the most recent addition, East Range Crossings, was finished in 2019. This indicates a relatively recent focus on affordable housing development in the area over a three-year period.
The 2010s saw the most affordable housing activity in the DIA neighborhood, with both LIHTC projects completed during this decade. The housing inventory includes a mix of unit types, with 18 one-bedroom units, 124 two-bedroom units, and 44 three-bedroom units, offering options for various household sizes.
Over the past decade, the DIA neighborhood has experienced significant population growth, increasing from 4,691 residents in 2013 to 8,064 in 2022. This growth coincides with the development of LIHTC-funded affordable housing projects, suggesting a response to increased housing demand in the area.
The median income in the neighborhood has fluctuated but generally remained high, ranging from $80,882 in 2014 to $88,252 in 2022. Despite the relatively high median income, the presence of LIHTC projects indicates a recognition of the need for affordable housing options within the community.
Racial demographics have shifted slightly over the past decade. The white population decreased from 66% in 2013 to 53% in 2022, while the Hispanic population increased from 13% to 20%, and the Black population rose from 11% to 19%. This diversification of the neighborhood aligns with the development of affordable housing options, potentially contributing to a more inclusive community.
The DIA neighborhood in Denver has a notable LIHTC-funded affordable housing presence, with 456 low-income units representing about 14.8% of the estimated housing inventory. This aligns well with recommended targets for affordable housing stock. The LIHTC program has invested significantly in the area, with an average of $8,395 in federal funding per unit. The affordable housing developments, completed between 2016 and 2019, coincide with a period of substantial population growth and demographic shifts in the neighborhood. This investment in affordable housing appears to be responding to the changing needs of a growing and diversifying community, while maintaining a balance with the neighborhood's overall housing market.
