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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Garden Acres, a neighborhood in Longmont, Colorado, contains 114 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, represent approximately 2.68% of the neighborhood's estimated 4,250 housing units. The LIHTC program has invested $902,422 in tax credits for affordable housing projects in Garden Acres, averaging $7,916 per unit in federal funding.
The Crisman Apartments, completed in 2018, is the sole LIHTC-funded project in the area. This development consists of 114 units, including 54 one-bedroom and 60 two-bedroom apartments, catering primarily to smaller households or individuals.
Garden Acres has experienced significant demographic changes over the past decade. The population increased from 9,988 in 2013 to 11,092 in 2022. Concurrently, the median income rose substantially from $53,175 in 2013 to $80,067 in 2022, indicating an overall improvement in the economic status of residents.
Racial demographics in Garden Acres have remained relatively stable, with the white population constituting the majority. The white population percentage decreased slightly from 67% in 2013 to 61% in 2022. The Hispanic population fluctuated, reaching a peak of 36% in 2015 and settling at 31% in 2022. Other racial groups maintained relatively consistent, small percentages throughout the decade.
The introduction of the Crisman Apartments in 2018 coincides with a period of population growth and increasing median income in the neighborhood. This timing suggests that the LIHTC project may have been implemented to address the growing need for affordable housing as the area developed economically.
In summary, Garden Acres has seen the introduction of LIHTC-funded affordable housing through the Crisman Apartments project in 2018. This project provides 114 low-income units, representing a small percentage of the estimated housing inventory. The neighborhood has experienced population growth and significant increases in median income over the past decade, potentially influencing the demand for affordable housing options. The racial composition has remained relatively stable, with slight shifts in the white and Hispanic populations. The LIHTC project appears to be a response to the evolving demographics and economic landscape of Garden Acres.