Loading Content...
Affordable Housing in Fremont, Nebraska: Two Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Fremont, a city in Nebraska, possesses a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory that comprises 203 total units, all of which are designated as low-income units. This inventory represents approximately 1.81% of the city's estimated 11,205 housing units. The city has received $1,677,447 in project tax credits through the LIHTC program, distributed across approximately 4 projects. This equates to an average of $419,362 per project, or $8,263 per unit. Fremont's share of Nebraska's total LIHTC funding stands at 1.42%, indicating a modest portion of the state's affordable housing resources.
The development of affordable housing in Fremont spans over two decades, with the first LIHTC project, Cambridge Apts, completed in 1996, and the most recent, Fountain Springs Estates, in 2017. The 2010s witnessed the highest development activity, with two projects completed during this period. The LIHTC-funded housing in Fremont primarily consists of one-, two-, and three-bedroom units, specifically 17 one-bedroom units, 40 two-bedroom units, and 14 three-bedroom units, accommodating various family sizes and needs.
Fountain Springs Estates, completed in 2017, is a notable project that specifically targets individuals with special needs, addressing a crucial segment of the population requiring specialized housing solutions. This development coincides with Fremont's gradual population growth, which increased from 28,475 in 2017 to 29,246 in 2022, representing a 2.7% increase. This population growth may have contributed to the need for additional affordable housing options.
The median income in Fremont has shown an overall increase over the past decade, rising from $52,972 in 2017 to $59,103 in 2022, an 11.6% increase. This growth in median income might suggest an increasing need for affordable housing options for those not benefiting from this income growth. Racial demographics in Fremont have also shifted slightly, with the white population decreasing from 83% in 2017 to 79% in 2022, while the Hispanic population increased from 13% to 17% during the same period. This diversification may indicate a changing demographic landscape that could influence future affordable housing needs.
Fremont's LIHTC-funded affordable housing inventory, while modest, plays a significant role in addressing the city's housing needs. The 203 low-income units represent a small but important portion of the city's estimated housing stock. The city has experienced consistent development of affordable housing over the past two decades, with a focus on diverse unit sizes and special needs populations. As Fremont continues to grow and diversify, ongoing assessment of affordable housing needs will be crucial to ensure adequate housing options for all residents.
