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Affordable Housing in Homedale, Idaho: A Single LIHTC Project's Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
United States Census Bureau: American Community Survey Data (ACS)
US Department of Housing and Urban Development (HUD): Low-Income Housing Tax Credit Properties (LIHTC)
Homedale, Idaho, a city with a population of 4,449 as of 2022, has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, known as Homedale Garden, provides 24 units, of which 23 are designated as low-income units. The LIHTC-funded affordable housing represents approximately 1.41% of the city's estimated housing inventory of 1,705 units.
Homedale has received $38,353 in project tax credits from the LIHTC program for affordable housing. This amount equates to an average federal funding of $38,353 per project and $1,598 per unit. The city's LIHTC funding accounts for 0.05% of the total state funding for such projects in Idaho.
The Homedale Garden project, completed in 1998, has been providing affordable housing in the city for over two decades. All 24 units in this project are one-bedroom apartments, designed to accommodate individuals or small households.
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Homedale's population has experienced a slight increase over the past decade, growing from 4,237 in 2015 to 4,449 in 2022. Concurrently, the median income has risen from $34,503 in 2015 to $39,431 in 2022. This increase in median income may indicate a potentially reduced need for additional affordable housing units in recent years.
The racial demographics of Homedale have remained relatively stable over the past decade. As of 2022, the population is predominantly white (64%) and Hispanic (33%), with small percentages of other racial groups. This demographic stability may explain the absence of new LIHTC projects in recent years, as the existing project may be adequately serving the needs of the low-income population.
In summary, Homedale's single LIHTC-funded affordable housing project, Homedale Garden, has been serving the community since 1998. While the project comprises a small percentage of the city's estimated housing stock, it offers 23 low-income units, all of which are one-bedroom apartments. The city has experienced modest population growth and increases in median income over the past decade, which may have influenced the lack of new LIHTC projects. The relatively stable demographic composition suggests that the existing affordable housing project may be meeting the current needs of the low-income population.
