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Affordable Housing in Macon, Missouri: Two Decades of LIHTC 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
Macon, Missouri, a small city in the state, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 71 affordable units, all designated as low-income units. This represents approximately 2.93% of the estimated 2,426 housing units in the city, based on the 2022 population and national average household size.
The LIHTC program has made a substantial contribution to Macon's affordable housing landscape. The city has received $305,536 in project tax credits for affordable housing development. With two LIHTC-funded projects, this equates to an average of $152,768 in federal funding per project. When considering the total number of units, the average federal funding per unit amounts to $4,303.
Macon holds 0.09% of Missouri's total LIHTC funding, indicating a small but significant share of the state's affordable housing resources. The city's involvement with LIHTC-funded affordable housing spans two decades, with the first project, Ranchland Garden Apartments, completed in 1993, and the most recent, Alexandra Pointe, finished in 2013. The 2010s marked the most recent development activity in affordable housing for Macon.
The LIHTC-funded units in Macon consist of a mix of one-bedroom and two-bedroom apartments. There are 31 one-bedroom units and 40 two-bedroom units, catering to various household sizes within the low-income population.
An analysis of demographic trends over the past decade reveals notable patterns. Macon's population has experienced slight fluctuations, peaking at 6,752 in 2014 before gradually declining to 6,332 in 2022. The median income has shown variability, ranging from a low of $37,954 in 2016 to a high of $45,307 in 2021, settling at $41,514 in 2022. This income volatility may indicate an ongoing need for affordable housing options.
Racial demographics in Macon have remained relatively stable, with a predominantly white population. However, there has been a slight decrease in the white population percentage from 91% in 2013 to 87% in 2022, accompanied by small increases in Hispanic, Native American, and multiracial populations. This gradual diversification may impact future affordable housing needs and considerations.
In conclusion, Macon's LIHTC-funded affordable housing inventory, while modest in scale, plays a crucial role in providing low-income housing options for the city's residents. The two projects spanning from 1993 to 2013 demonstrate a long-term commitment to affordable housing. However, the current inventory covers only a small fraction of the estimated housing units, suggesting potential room for growth to meet affordable housing needs. The city's demographic trends, including income fluctuations and gradual diversification, may influence future affordable housing strategies and development in Macon.
