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Affordable Housing in Farmington, Missouri: Three Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Farmington, Missouri, a city with a population of 21,531 as of 2022, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory consisting of 246 total units, with 210 designated as low-income units. Based on the estimated housing inventory of 8,249 units, the LIHTC-funded affordable housing covers approximately 3% of the city's housing stock.
Farmington has received $26,748,725 in project tax credits through the LIHTC program. With approximately 9 projects, this translates to an average of $2,972,080 in federal funding per project. The average federal funding per unit is $108,734. Farmington holds 7.63% of Missouri's total LIHTC funding, indicating a significant investment in affordable housing for a city of its size.
The city's affordable housing history spans from 1988 to 2017, with the first project being Countryside Estates II and the most recent being Pine Ridge Apartments. This represents nearly three decades of affordable housing development in Farmington. The 2010s saw the most activity, with projects like Birch Tree Apartments, Birch Tree Apartments II, and Pine Ridge Apartments being completed.
The LIHTC-funded housing stock in Farmington is diverse, consisting of 24 efficiencies, 32 one-bedroom units, 187 two-bedroom units, and 3 four-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on two-bedroom units. One notable project, Pine Ridge Apartments, completed in 2017, specifically targets the handicapped population, addressing the needs of this vulnerable group within the community.
Over the past decade, Farmington's population has grown steadily, increasing from 19,705 in 2010 to 21,531 in 2022. This growth of nearly 9% may have contributed to the need for additional affordable housing units, as evidenced by the LIHTC projects completed during this period. The median income in Farmington has also risen, from $47,017 in 2013 to $51,560 in 2022. Despite this increase, the continued development of LIHTC projects suggests an ongoing need for affordable housing options in the city.
Regarding racial demographics, Farmington has remained predominantly white, with a slight increase in diversity over the past decade. The percentage of Black residents has increased slightly from 5% to 6%, while the Hispanic population has grown from 1% to 3%. This gradual diversification may have influenced the need for varied affordable housing options.
Farmington's LIHTC-funded affordable housing inventory represents a significant investment in the city's housing landscape. With 246 total units, including 210 low-income units, these projects address approximately 3% of the estimated housing stock. The city has received substantial federal funding, averaging over $2.9 million per project and holding 7.63% of Missouri's total LIHTC allocation. The diverse unit mix, including specialized housing for the handicapped, reflects efforts to meet various community needs. While the affordable housing stock has grown alongside population increases and rising median incomes, the continued development of LIHTC projects over nearly three decades indicates an ongoing commitment to providing affordable housing options in Farmington.
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