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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
River Market, a neighborhood in Kansas City, Missouri, has a significant LIHTC-funded affordable housing inventory. The area contains 216 total units in LIHTC-funded projects, with 215 designated as low-income units. Based on the estimated 1,019 housing units in the neighborhood, LIHTC-funded affordable housing comprises approximately 21.2% of the neighborhood's housing inventory, aligning with the target percentage for affordable housing stock in a balanced community.
The LIHTC program has invested $1,034,125 in tax credits for affordable housing projects in River Market. This equates to an average federal funding of about $4,788 per unit. The neighborhood has benefited from LIHTC-funded affordable housing for over a decade, with the first project, Askew Saddlery Bldg, completed in 1993, and the most recent, Old Town Lofts, finished in 2006.
The 1990s saw the most affordable housing development activity, with three projects completed during this decade: Askew Saddlery Bldg (1993), Volker Place Apartments (1996), and Pacific House Apartments (1999). This period marks a significant expansion of affordable housing options in River Market.
The affordable housing inventory in River Market consists primarily of one-bedroom units, with 125 such units available. Additionally, there are 2 efficiencies, 23 two-bedroom units, and 2 three-bedroom units. This distribution suggests a focus on accommodating smaller households or individuals.
Over the past decade, River Market has experienced significant population growth, increasing from 1,616 residents in 2015 to 2,660 in 2022. This growth of over 64% indicates a rising demand for housing in the area. Concurrently, the median income has also seen an upward trend, rising from $47,466 in 2015 to $73,523 in 2022, representing a 54.9% increase.
The racial composition of River Market has remained relatively stable, with a slight increase in diversity. The white population has decreased slightly from 73% in 2015 to 76% in 2022, while there has been a small increase in the Asian and Hispanic populations, and a notable rise in residents identifying as two or more races (from 0% in 2015 to 9% in 2022).
Despite the absence of new LIHTC projects in the last decade, the neighborhood's demographic changes suggest a potential need for additional affordable housing. The rising population and median income could be putting pressure on housing affordability, particularly for lower-income residents.
River Market's LIHTC-funded affordable housing inventory plays a crucial role in meeting the neighborhood's housing needs, covering about 21.2% of the estimated housing stock. The area saw significant affordable housing development in the 1990s, with a focus on smaller units. While no new LIHTC projects have been completed in the past decade, the neighborhood's rapid population growth and rising median income suggest a potential need for additional affordable housing options to maintain a balanced community.