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Affordable Housing in Lexington, Missouri: 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
Lexington, Missouri, has implemented Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 72 affordable units, all designated as low-income. This represents approximately 3.2% of the city's estimated 2,244 housing units.
Lexington has received $277,230 in project tax credits through the LIHTC program. With two projects, this equates to an average federal funding of $138,615 per project and $3,850 per unit. The city accounts for 0.08% of Missouri's total LIHTC funding allocation.
The LIHTC-funded affordable housing in Lexington spans from 1996 to 2006. The first project, Sleepy Hollow Manor, was completed in 1996, and the most recent project, Lexington Gardens, was finished in 2006. The 2000s experienced the most significant affordable housing development activity in the city.
Lexington's affordable housing inventory offers a variety of unit types. There are 16 one-bedroom units, 18 two-bedroom units, and 20 three-bedroom units. This distribution accommodates various household sizes and needs within the low-income population.
Lexington's population has fluctuated over the last decade, increasing from 5,388 in 2019 to 5,858 in 2022. The median income has also grown substantially, rising from $55,293 in 2019 to $69,786 in 2022. This upward trend in income may indicate a changing economic landscape in the city.
Racial demographics have remained relatively constant, with a predominantly white population. However, there has been a slight increase in Hispanic representation, growing from 2% in 2019 to 9% in 2022. This demographic shift could potentially influence future affordable housing needs.
Lexington's LIHTC-funded affordable housing constitutes a small but significant portion of its housing stock. The city has received moderate federal funding for these projects, which have been developed over a decade. The housing units provide options for different household sizes. While there have been no new LIHTC projects in recent years, the city's rising median income and slight demographic shifts may influence future affordable housing needs and strategies.
