Loading Content...
Affordable Housing in Finley Point: LIHTC Impact and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Finley Point, a census-designated place in Montana with a population of 833 in 2022, has implemented affordable housing initiatives through the Low-Income Housing Tax Credit (LIHTC) program. This program has funded one project in the community, resulting in 20 affordable housing units, of which 19 are designated as low-income units. Given an estimated housing inventory of approximately 319 units, LIHTC-funded affordable housing comprises about 6.27% of the city's housing stock.
The LIHTC project in Finley Point received $62,648 in tax credits, averaging $62,648 per project and $3,132.40 per unit. This funding represents 0.03% of Montana's total LIHTC allocation, indicating a small but significant contribution to the state's affordable housing efforts. The sole LIHTC project, Sunny Slope Vista Apartments, was completed in 2003 and has been providing affordable housing options for nearly two decades.
Sunny Slope Vista Apartments offers a mix of 16 one-bedroom units and 4 two-bedroom units, primarily accommodating smaller households. This distribution suggests a focus on housing for single residents or couples in the community.
Demographic trends in Finley Point over the past decade reveal notable patterns. The population has increased from 553 in 2019 to 833 in 2022. Median income has fluctuated, decreasing from $50,531 in 2017 to $24,075 in 2019, before rising to $34,665 in 2022. These income trends may indicate an ongoing need for affordable housing options in the community.
Racial demographics in Finley Point have shifted significantly. The percentage of white residents decreased from 93% in 2017 to 78% in 2022, while the Native American population increased from 3% to 15% during the same period. The proportion of residents identifying as two or more races grew from 3% in 2019 to 7% in 2022. These changes in racial composition may influence future affordable housing needs and strategies.
In conclusion, Finley Point's LIHTC-funded affordable housing project, though limited in scale, plays a crucial role in providing low-income housing options for the community. The demographic shifts observed over the past decade, including population growth, income fluctuations, and changes in racial composition, suggest an evolving landscape that may require ongoing attention to affordable housing needs. Continued monitoring of these trends will be essential for ensuring that housing options remain accessible to all residents.
