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Affordable Housing in Heart of Independence: LIHTC's Three-Decade Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Heart of Independence neighborhood in Independence, Missouri, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The neighborhood has 101 affordable units, all designated as low-income. Based on the 2022 population of 3,085 and an estimated housing inventory of 1,182 units, LIHTC funded affordable housing comprises approximately 8.5% of the neighborhood's housing stock.
The LIHTC program has invested $8,325,000 in project tax credits in this neighborhood. This equates to an average federal funding of $82,426 per unit, indicating a substantial financial commitment to affordable housing in the area. Affordable housing has been present in the Heart of Independence neighborhood for over 30 years, with the first LIHTC project completed in 1991 and the most recent in 2014.
The 2010s saw significant development in LIHTC funded housing, with the completion of Palmer Place Senior Apts in 2014. This project added 41 units to the neighborhood's affordable housing inventory, including 2 efficiencies, 24 one-bedroom units, and 15 two-bedroom units. In total, the LIHTC funded projects in the Heart of Independence neighborhood offer 4 efficiencies, 78 one-bedroom units, and 19 two-bedroom units.
Over the past decade, the Heart of Independence neighborhood has experienced population growth and income fluctuations. The population increased from 2,211 in 2013 to 3,085 in 2022, indicating a growing demand for housing. Median income has varied, ranging from $22,730 in 2017 to $29,559 in 2019, before settling at $26,410 in 2022.
The racial composition of the neighborhood has remained relatively stable. The white population decreased slightly from 86% in 2013 to 82% in 2022. The Black population increased from 6% to 8%, and the Hispanic population remained relatively constant at 6-7%.
The Heart of Independence neighborhood has maintained a consistent presence of LIHTC funded affordable housing over the past three decades. With 101 low-income units representing about 8.5% of the estimated housing inventory, these projects contribute significantly to the area's affordable housing stock. The neighborhood's population growth and income fluctuations may influence future affordable housing needs. The diverse unit types available through LIHTC projects cater to various household sizes, reflecting an effort to meet the diverse housing needs of the community.
