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Affordable Housing in Eldon, Missouri: LIHTC's Impact on a Small City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Eldon, Missouri, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 136 units, with 135 designated as low-income units. Based on the 2022 population of 7,201 and an estimated 2,759 housing units, LIHTC funded affordable housing comprises approximately 4.9% of the city's estimated housing inventory.
Eldon has received $517,000 in project tax credits for affordable housing through the LIHTC program. With approximately 4 projects, this equates to an average federal funding of $129,250 per project and $3,801 per unit. The city holds 0.15% of the total state LIHTC funding, indicating a modest share of Missouri's affordable housing resources.
Affordable housing has been present in Eldon for over three decades. The first LIHTC project, San Jon Estates, was completed in 1988, and the most recent, Willow Creek Apartments, in 2011. The 1990s saw the most activity in affordable housing development, with two projects, Eldon Estates II and Eldon Manor, completed that year.
The affordable housing inventory in Eldon consists primarily of one-bedroom and two-bedroom units. There are 112 one-bedroom units and 24 two-bedroom units, suggesting a focus on smaller households or individuals.
Over the past decade, Eldon's population has remained relatively stable, fluctuating between 6,797 and 7,352 residents. The median income has shown a general upward trend, increasing from $34,839 in 2013 to $39,328 in 2022, with some fluctuations in between. This rise in median income could potentially impact the demand for affordable housing.
The racial composition of Eldon has remained predominantly white, consistently above 94% throughout the 2010s. There has been a slight increase in diversity, with the Hispanic population growing from 2% to 3% between 2013 and 2022, and a small Asian population emerging in recent years.
Eldon's LIHTC funded affordable housing inventory covers a small portion of its estimated housing stock. The city has maintained a consistent presence of affordable housing projects since the late 1980s, with a focus on one-bedroom and two-bedroom units. While the population has remained relatively stable, the rising median income and slight increase in diversity may influence future affordable housing needs. The LIHTC program has played a role in providing housing options for lower-income residents in Eldon, contributing to the city's overall housing landscape.
