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Affordable Housing in Lakewood, Colorado: A Decades-Long LIHTC Journey
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lakewood, Colorado, a city within the Denver metropolitan area, has a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 2,292 total units in LIHTC-funded projects, with 1,826 designated as low-income units. This inventory represents approximately 3.8% of the city's estimated 59,814 housing units.
Lakewood has received $18,028,088 in project tax credits through the LIHTC program. With approximately 24 projects, this equates to an average of $751,170 in federal funding per project. The average federal funding per unit is $7,865. Lakewood holds 4.09% of Colorado's total LIHTC funding, indicating a significant portion of the state's affordable housing efforts.
The city's involvement with LIHTC-funded affordable housing began in 1996 with the Heights By Marston Lake project and continued through 2020 with the completion of Eiber Village At Garrison Station. This 24-year span demonstrates a long-term commitment to affordable housing development in Lakewood.
The 2010s experienced the most affordable housing activity, with multiple projects completed throughout the decade. Notable developments include Mwhs Lamar Station (2014), Cityscape At Belmar and Zephyr Line Apartments (both in 2015), and Fifty Eight Hundred and Villas At Wadsworth Station (both in 2018).
Lakewood's LIHTC-funded housing stock offers a diverse range of unit types. The inventory includes 150 efficiencies, 829 one-bedroom units, 828 two-bedroom units, 247 three-bedroom units, and 4 four-bedroom units. This distribution caters to various household sizes and needs within the low-income population.
Lakewood's population grew from 143,230 in 2010 to 156,114 in 2022, an increase of about 9%. The median income increased from $55,792 in 2013 to $85,988 in 2022, representing a 54% increase. This income growth may partially explain the slower pace of LIHTC development in recent years.
Racially, Lakewood has maintained a relatively stable composition. The white population decreased from 71% in 2013 to 67% in 2022, while the Hispanic population remained steady around 22-23%. There were slight increases in Asian (3% to 4%) and multi-racial (2% to 4%) populations.
In conclusion, Lakewood's LIHTC-funded affordable housing inventory represents a significant investment in addressing low-income housing needs. While it covers a small percentage of the total housing stock, the city has consistently developed affordable housing projects over more than two decades. The diverse unit types accommodate various household sizes, and the city's demographic trends indicate a growing, increasingly diverse population with rising incomes. These factors will likely continue to influence Lakewood's affordable housing landscape in the future.
