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Affordable Housing in Englewood's Downtown District: LIHTC 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
The Downtown District of Englewood, Colorado houses a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This neighborhood contains 111 affordable units, all designated as low-income. Based on an estimated housing inventory of approximately 393 units, the LIHTC-funded affordable housing comprises about 28.2% of the neighborhood's housing stock, indicating a substantial presence of affordable housing options.
The LIHTC program has invested $774,995 in tax credits for affordable housing in this neighborhood. This translates to an average federal funding of approximately $6,982 per unit. The Broadway Lofts, completed in 2017, is the primary LIHTC project in the Downtown District. This project has provided affordable housing options in the neighborhood for about six years.
The Broadway Lofts project consists of 111 units, with a mix of 72 one-bedroom and 39 two-bedroom apartments. This distribution suggests a focus on housing for smaller households or individuals.
Over the past decade, the Downtown District has experienced demographic shifts. The population has grown from 722 in 2010 to 1,025 in 2022, indicating a steady increase in residents. Median income has fluctuated, with the most recent data showing $49,548 in 2022, up from $44,798 in 2013.
Racial demographics have also evolved. The white population percentage has decreased from 72% in 2013 to 64% in 2022, while there have been slight increases in Asian, Hispanic, and multi-racial populations. The black population experienced a slight increase and then decrease over this period.
The completion of the Broadway Lofts in 2017 coincides with a period of population growth and income fluctuation in the neighborhood. This suggests that the LIHTC project may have been responding to an increased need for affordable housing options as the area developed and diversified.
The Downtown District of Englewood has a significant LIHTC-funded affordable housing presence, with the Broadway Lofts project providing 111 low-income units. This covers over a quarter of the estimated housing inventory in the neighborhood. The project, completed in 2017, offers a mix of one and two-bedroom units, catering to the area's housing needs. The neighborhood has experienced population growth and demographic changes over the past decade, which may have influenced the development of this affordable housing project. The LIHTC investment in this area represents a substantial commitment to providing affordable housing options in a changing urban environment.
