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Affordable Housing in Idaho Falls: A Sustained Commitment through LIHTC
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Idaho Falls, the largest city in eastern Idaho, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 682 total units, with 621 designated as low-income units. Based on the estimated 25,946 housing units in the city, LIHTC-funded affordable housing represents approximately 2.63% of the city's housing inventory.
Idaho Falls has received $4,549,990 in project tax credits through the LIHTC program. With approximately 10 projects, this amounts to an average of $454,999 in federal funding per project. The average federal funding per unit is $6,671. Idaho Falls holds 5.63% of the total state LIHTC funding, indicating a substantial portion of Idaho's affordable housing efforts are concentrated in this city.
The city's involvement with LIHTC-funded affordable housing began in 1994 with the Aspen Park project and continues to the most recent addition, the Bonneville Apartments, completed in 2020. This 26-year span demonstrates a sustained commitment to affordable housing development. The 2010s witnessed the highest number of affordable housing projects completed, with notable developments including Summerhill (2010), Saturn (2012), and Bandon River (2014).
The LIHTC-funded housing stock in Idaho Falls is diverse, comprising 11 efficiencies, 180 one-bedroom units, 136 two-bedroom units, and 185 three-bedroom units. This distribution caters to various household sizes and needs within the low-income population.
Idaho Falls has experienced recent population growth, with the population increasing from 66,895 in 2021 to 67,718 in 2022. Simultaneously, the median income rose from $61,833 to $72,007, suggesting overall economic improvement. The racial composition remained relatively stable, with a slight increase in diversity. The white population decreased slightly from 80% to 78%, while the Hispanic population decreased from 18% to 14%. These demographic shifts may influence the ongoing need for affordable housing in the city.
Idaho Falls demonstrates a consistent commitment to affordable housing through its LIHTC-funded projects. While the current inventory covers a small percentage of the city's estimated housing units, the diverse unit types and sustained development over nearly three decades indicate ongoing efforts to address affordable housing needs. The city's significant share of state LIHTC funding underscores its importance in Idaho's affordable housing landscape. As the population continues to grow and demographics shift, monitoring and adapting affordable housing strategies will be crucial for meeting the evolving needs of Idaho Falls' residents.
