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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Fulton, Missouri, has implemented Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 231 low-income units, representing approximately 3.5% of the estimated 6,646 total housing units in the city.
Fulton has received $548,000 in project tax credits through the LIHTC program. This funding is distributed across approximately 6 projects, resulting in an average federal funding of $91,333 per project and $2,372 per unit. Fulton's allocation represents 0.16% of Missouri's total LIHTC funding.
The LIHTC program in Fulton spans nearly two decades, with the first project, Fulton Seniors Apartments, completed in 1998, and the most recent, Rocktree Apartments, finished in 2017. The early 2000s were particularly active, with three projects completed between 2001 and 2004.
The LIHTC-funded housing in Fulton consists primarily of one-bedroom (136 units) and two-bedroom (76 units) apartments, with an additional 19 three-bedroom units. This distribution caters to various household sizes. The Rocktree Apartments, completed in 2017, specifically targets individuals with disabilities, addressing a specific housing need within the community.
Fulton's population has decreased from 18,635 in 2013 to 17,345 in 2022. Despite this decline, the median income has increased from $50,336 in 2013 to $57,592 in 2022, indicating an improvement in economic conditions for residents. The city's racial composition has remained relatively stable, with a predominantly white population (85% in 2022). There has been a slight increase in diversity, with the Black population growing from 7% in 2013 to 8% in 2022, and the Hispanic population remaining at 2-3%.
The LIHTC-funded affordable housing in Fulton plays a role in addressing the housing needs of low-income residents. While representing a small portion of the city's overall housing stock, these 231 units provide an important resource for low-income residents. The program's focus on one-bedroom and two-bedroom units suggests an emphasis on housing for smaller households and potentially seniors. The inclusion of a project for individuals with disabilities demonstrates attention to diverse housing needs. This affordable housing resource exists within the context of a city experiencing slight population decline but increasing median incomes over the past decade.