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Affordable Housing in Laurel, Montana: LIHTC Funding and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Laurel, Montana, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city possesses 40 total units in LIHTC-funded projects, with 39 designated as low-income units. Based on the 2022 population of 11,739 and an estimated housing inventory of 4,498 units, LIHTC-funded affordable housing comprises approximately 0.89% of the city's estimated housing stock.
Laurel has received $167,329 in project tax credits from the LIHTC program. With approximately two projects, this equates to an average of $83,665 in federal funding per project. The average federal funding per unit is $4,183. Laurel's LIHTC funding represents 0.09% of Montana's total state LIHTC funding, indicating a relatively small portion of the state's affordable housing efforts.
The city's LIHTC-funded housing inventory includes 16 one-bedroom units and 16 two-bedroom units. This distribution suggests a focus on accommodating smaller households and families. A notable project in Laurel is the Meadowoods Apartments, completed in 2004. This project accounts for 32 of the total 40 LIHTC-funded units in the city, with 31 of these being low-income units.
Over the past decade, Laurel has experienced steady population growth, increasing from 10,256 in 2014 to 11,739 in 2022. The median income has also risen significantly, from $64,574 in 2014 to $78,033 in 2022, representing a 20.8% increase.
Racially, Laurel has remained predominantly white, though there has been a slight decrease in the white population from 92% in 2014 to 86% in 2022. There has been a small increase in diversity, with slight growth in Hispanic, Native American, and multi-racial populations.
The lack of new LIHTC projects in recent years, despite population growth, could be attributed to the rising median income, which may have reduced the perceived need for additional low-income housing. However, this assumption would require further investigation into local housing market conditions and policies.
Laurel's LIHTC-funded affordable housing inventory provides 39 low-income units to the community. The city has received a small portion of Montana's LIHTC funding, reflecting its size and needs relative to the state. The existing projects focus on one and two-bedroom units, catering to smaller households. While the city has experienced population growth and significant income increases over the past decade, there has not been a corresponding expansion in LIHTC-funded housing. This analysis provides a snapshot of Laurel's affordable housing landscape, though a comprehensive understanding would require consideration of other affordable housing programs and local market conditions.
