Loading Content...
Affordable Housing in Ferndale: Recent LIHTC Developments Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Ferndale, Maryland, possesses a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's total LIHTC-funded affordable housing units amount to 56, with 2 designated as low-income units. Based on an estimated housing inventory of 6,387 units, LIHTC-funded affordable housing comprises approximately 0.88% of the city's housing stock.
Ferndale has received $1,520,000 in project tax credits through the LIHTC program. With approximately 2 projects, this translates to an average federal funding of $760,000 per project. Dividing the total tax credits by the 56 total units results in an average federal funding of $27,143 per unit. Ferndale holds 1.05% of Maryland's total LIHTC funding allocation.
The city's LIHTC-funded affordable housing projects span from 2013 to 2018, indicating a relatively recent focus on affordable housing development. The first project, Heritage Crest, was completed in 2013, while the most recent project, Heritage Overlook (Burwood Ph II), was finished in 2018. This 5-year period represents the duration of LIHTC-funded affordable housing presence in Ferndale.
The 2010s saw the most affordable housing activity, with both projects completed during this decade. The inventory primarily consists of two- and three-bedroom units, with 28 two-bedroom and 22 three-bedroom units. Additionally, there are 5 one-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families.
Over the last decade, Ferndale's population has fluctuated, peaking at 18,609 in 2015 and declining to 16,669 by 2022. The median income has shown an overall increasing trend, rising from $74,570 in 2013 to $76,114 in 2022, with some fluctuations in between.
Racial demographics have shifted slightly, with the white population decreasing from 61% in 2013 to 59% in 2022. The Black population has increased from 15% to 23% during the same period. The Hispanic population has decreased from 16% to 7%, while the Asian population has remained relatively stable at 1-2%.
The completion of LIHTC projects in 2013 and 2018 coincides with periods of population growth and relatively stable median incomes, suggesting a response to increased housing demand and the need for affordable options during these times.
Ferndale's LIHTC-funded affordable housing inventory, while modest, represents a recent effort to address affordable housing needs. The two projects completed between 2013 and 2018 have added 56 units to the city's housing stock, with a focus on two- and three-bedroom units. The city has received over $1.5 million in tax credits, accounting for just over 1% of Maryland's LIHTC allocation. Despite demographic changes, including population fluctuations and shifts in racial composition, the LIHTC projects appear to have been timed to address housing needs during periods of growth. Continued monitoring of demographic trends will be crucial for future affordable housing planning in Ferndale.
