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Affordable Housing in Englewood, Colorado: LIHTC Program's Impact on Urban Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Englewood, Colorado, a city south of Denver, has 499 units in Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects, with 434 designated as low-income units. This represents approximately 3.8% of the city's estimated 13,132 housing units, based on the 2022 population of 34,274.
Englewood has received $13,994,359 in LIHTC project tax credits, distributed across approximately six projects. This averages $2,332,393 in federal funding per project and about $28,045 per unit. The city holds 3.17% of Colorado's total LIHTC funding, indicating a substantial investment in affordable housing relative to its size.
The development of LIHTC-funded affordable housing in Englewood occurred between 2008 and 2017. The initial projects, Presidential Arms Apts and Terraces On Pennsylvania Senior Residences, were completed in 2008. The most recent projects, Broadway Lofts and Foundry Apartments, were finished in 2017. This nine-year span demonstrates Englewood's sustained commitment to affordable housing development.
The 2010s saw the majority of affordable housing development activity, with four out of six projects completed during this decade. Notable projects include Canterbury Apts (2013) and Traditions At Englewood (2016).
Englewood's LIHTC-funded affordable housing inventory comprises various unit types: 13 efficiencies, 261 one-bedroom units, and 180 two-bedroom units. This distribution indicates a focus on accommodating smaller households and individuals.
Demographic trends over the past decade show correlations with LIHTC development. Englewood's population increased from 30,847 in 2013 to 34,274 in 2022, an 11% growth. The median income rose from $57,339 in 2013 to $78,695 in 2022, a 37% increase. This income growth may have influenced the demand for affordable housing options.
Racial demographics have remained relatively stable. The white population decreased slightly from 76% in 2013 to 72% in 2022, with small increases in Asian, Black, and multiracial populations. The Hispanic population has consistently represented about 17-18% of the city's residents.
In conclusion, Englewood has utilized LIHTC funding to develop a significant affordable housing inventory, comprising about 3.8% of its estimated housing stock. The city experienced consistent development of affordable housing projects from 2008 to 2017, with a concentration of activity in the 2010s. While the LIHTC program has contributed substantially to Englewood's affordable housing options, there may be opportunities for further development to meet the needs of its growing and diversifying population. The city's rising median income and steady population growth suggest an ongoing need for affordable housing solutions to ensure a balanced and inclusive community.
