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Affordable Housing in Elmo, Montana: LIHTC's Impact on a Small Rural Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Elmo, a small community in Montana with a population of 49 in 2022, has a unique affordable housing landscape shaped by the Low-Income Housing Tax Credit (LIHTC) program. The LIHTC program has funded a total of 8 affordable units in Elmo, all of which are designated as low-income units. This inventory of affordable housing is substantial for a community of this size. Based on the estimated 18.77 housing units in the city, the LIHTC-funded affordable housing covers a significant portion of the city's housing inventory.
Elmo has received $64,000 in project tax credits through the LIHTC program. With one approximate project, this translates to an average federal funding of $64,000 per project and $8,000 per unit. The city holds 0.03% of Montana's total LIHTC funding, which is significant given its small population.
The sole LIHTC project in Elmo is the Elmo Elderly Living Center, completed in 2001. This project has been providing affordable housing options for over two decades, demonstrating a long-term commitment to addressing housing needs in the community. The project consists of 8 units, including one one-bedroom unit, tailored to meet the needs of elderly residents.
Demographic trends over the past decade reveal specific patterns. The population has increased from 43 in 2013 to 49 in 2022. Median income has risen from $53,643 in 2013 to $67,041 in 2022, indicating improving economic conditions. The racial composition has remained relatively stable, with a predominant white population and a significant Native American presence. The percentage of Native American residents has increased from 18% in 2013 to 31% in 2022.
These demographic shifts, particularly the aging population and the increase in Native American residents, may influence future affordable housing needs in Elmo. The existing LIHTC project, focusing on elderly living, aligns with the community's demographic profile.
In conclusion, Elmo's LIHTC-funded affordable housing plays a crucial role in meeting the community's housing needs. The single project, representing a significant portion of the city's housing stock, demonstrates the program's impact in small rural communities. As demographics continue to evolve, ongoing assessment of affordable housing needs will be essential to ensure that the housing stock remains aligned with community requirements.
