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Affordable Housing in Helena's Central Neighborhood: LIHTC's Impact on Urban 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
The Central neighborhood in Helena, Montana, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 209 units in LIHTC-funded projects, including 125 designated low-income units. Based on the 2022 population of 4,612 and an estimated 1,767 housing units, LIHTC-funded affordable housing comprises approximately 11.8% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $2,328,013 in project tax credits in the Central neighborhood. This equates to an average federal funding of $11,138 per unit across all LIHTC-funded projects in the area. The neighborhood has experienced consistent development of affordable housing from 1995 to 2009. The earliest project, Shadow Mountain Apartments, was completed in 1995, while the most recent additions, Eagle Manor II and Eagles Manor II, were both completed in 2009. This 14-year period demonstrates a sustained effort to provide affordable housing options in the neighborhood.
The 2000s were particularly active for affordable housing development in Central, with four out of six projects completed during this decade. Notable projects include Penkay Eagles Manor (2005), Eagles Manor Residences III (2008), and the aforementioned Eagle Manor II and Eagles Manor II (both in 2009).
The LIHTC-funded projects in Central offer a diverse range of unit types. Out of the 209 total units, there are 51 efficiencies, 116 one-bedroom units, 19 two-bedroom units, and 14 three-bedroom units. This distribution indicates a focus on accommodating smaller households and individuals, with a majority of units being efficiencies or one-bedrooms.
Over the past decade, the Central neighborhood has experienced demographic shifts. The population has grown from 4,062 in 2013 to 4,612 in 2022, indicating a steady increase in residents. Median income has also risen from $53,720 in 2013 to $62,131 in 2022, suggesting improving economic conditions for residents.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 89% in 2013 to 87% in 2022. There has been a small increase in diversity, with modest growth in Hispanic, Black, and multiracial populations. These demographic changes may indicate an ongoing need for affordable housing options to support a diverse and growing community.
The Central neighborhood in Helena, Montana, has a substantial LIHTC-funded affordable housing presence, covering nearly 12% of the estimated housing inventory. With $2.3 million in project tax credits invested, the area has seen consistent development of affordable housing from 1995 to 2009, with a particular focus on the 2000s. The housing stock is diverse, predominantly offering smaller units suitable for individuals and small families. As the neighborhood continues to grow and diversify, the existing LIHTC-funded projects play a crucial role in providing affordable housing options to the community.
