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Affordable Housing in Joliet, Montana: A Single LIHTC Project's 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
Joliet, Montana, a small town, has a limited presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The town contains one affordable housing unit, which is designated as a low-income unit. This single unit represents approximately 0.37% of the town's estimated housing inventory of 267 units.
Joliet has received $1,409 in project tax credits from the LIHTC program for affordable housing. This amount equates to an average federal funding of $1,409 per project and per unit, given that there is only one project with one unit.
The town's LIHTC funded affordable housing history began in 1993 with the completion of the J & L Rentals project. This single project constitutes the entirety of LIHTC funded affordable housing in Joliet, indicating a long-standing presence of affordable housing options in the community.
The J & L Rentals project consists of one two-bedroom unit, providing a specific housing option for low-income residents in Joliet.
Joliet's population has fluctuated over the past decade, decreasing from 679 in 2010 to 560 in 2019, then increasing to 696 in 2022. The median income has shown a significant upward trend, rising from $34,621 in 2013 to $51,428 in 2022. This increase in median income may explain the lack of additional LIHTC projects in recent years.
Racial demographics have remained relatively stable, with the white population consistently representing over 90% of the town's residents. A slight increase in diversity has been observed, with small percentages of Hispanic, Native American, and multi-racial residents reported in recent years.
Joliet's LIHTC funded affordable housing inventory consists of a single project completed in 1993, providing one two-bedroom unit. This represents a small fraction of the town's estimated housing stock. The town has experienced population fluctuations and a significant increase in median income over the past decade, which may influence the demand for affordable housing. Despite limited LIHTC development, the long-standing presence of the J & L Rentals project demonstrates a continuous commitment to providing some level of affordable housing options in Joliet.
