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Affordable Housing in Forsyth, Montana: LIHTC's Impact on a Small City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Forsyth, Montana, has a population of 1,909 as of 2022. The city's Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprises 24 units, all designated as low-income units. Based on the estimated housing inventory of approximately 731 units, LIHTC-funded affordable housing represents about 3.3% of the city's housing stock.
Forsyth has received $34,888 in project tax credits from the LIHTC program. With one project, this translates to an average federal funding of $34,888 per project. The average federal funding per unit is $1,454. Forsyth holds 2% of the total state LIHTC funding.
The city's LIHTC-funded affordable housing project, Forsyth Village I, was completed in 1996. This project has been providing affordable housing options in the city for over 25 years. All 24 units in the LIHTC-funded project are one-bedroom units. Forsyth Village I targets the developmentally disabled population, addressing the specific housing needs of this vulnerable group.
Over the past decade, Forsyth has experienced a decline in population, from 2,466 in 2016 to 1,909 in 2022. The median income has fluctuated, reaching $53,453 in 2021 before declining to $50,392 in 2022. The racial composition of the city has remained predominantly white, although there has been a slight increase in diversity, with the percentage of residents identifying as two or more races rising from 2% in 2016 to 10% in 2022.
Despite these demographic changes, no new LIHTC projects have been built in the last decade. This could be due to various factors, including the overall population decline and changes in housing needs or priorities.
Forsyth's LIHTC-funded affordable housing inventory consists of one project with 24 one-bedroom units, all designated for low-income residents. This project, targeting the developmentally disabled population, has been providing affordable housing options for over 25 years. While the LIHTC-funded units cover a small percentage of the city's estimated housing stock, they play a crucial role in addressing the needs of a specific vulnerable population. The city has experienced demographic changes over the past decade, including population decline and slight increases in income and racial diversity, which may influence future affordable housing needs and development.
