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Affordable Housing in Hammond: LIHTC Program's Sustained Impact on City Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Hammond, Louisiana, a city with an estimated population of 37,829 as of 2022, has utilized the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing options. The city's LIHTC-funded affordable housing inventory comprises 145 total units, with 100 designated as low-income units. This represents approximately 1% of the city's estimated housing inventory of 14,494 units.
Hammond has received $3,073,335 in project tax credits through the LIHTC program. With approximately 12 projects, this translates to an average of $256,111 in federal funding per project and $21,195 per unit. Hammond's LIHTC funding accounts for 2.53% of the total state credits allocated to Louisiana.
The city's affordable housing initiatives span over two decades, with the earliest recorded LIHTC project completed in 1998 and the most recent in 2014. The 2000s saw the most affordable housing development, with several projects completed during this decade. The LIHTC-funded housing inventory in Hammond includes a diverse mix of unit types, suggesting a focus on accommodating various household sizes.
Over the past decade, Hammond's population has grown from 34,872 in 2017 to 37,829 in 2022, an increase of about 8.5%. During this period, the median income fluctuated, reaching a peak of $51,573 in 2017 before declining to $47,228 in 2022. This trend may indicate a growing need for affordable housing options.
The racial composition of Hammond has remained relatively stable, with a slight increase in diversity. The Black population increased from 36% in 2017 to 40% in 2022, while the White population decreased from 55% to 51%. The Hispanic population grew from 5% to 7% during this period. This demographic shift could influence the demand for affordable housing across different communities.
Hammond's LIHTC-funded affordable housing inventory provides crucial housing options for low-income residents. The city has leveraged federal funding to develop a diverse range of housing units over two decades. The recent population growth and fluctuations in median income suggest an ongoing need for affordable housing. As Hammond continues to evolve demographically, maintaining and potentially expanding its affordable housing stock through programs like LIHTC may be essential to meet the needs of its diverse population.
