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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Marshall, Michigan, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city contains 22 affordable housing units, of which 13 are designated as low-income units. With an estimated 4,179 housing units in the city, LIHTC-funded affordable housing represents approximately 0.53% of the city's housing inventory. This indicates that LIHTC-funded projects make up a small fraction of the city's overall housing stock.
Marshall has two LIHTC-funded affordable housing projects: Fairway Meadows and Fairway Meadows II. Fairway Meadows, the earliest project, was completed in 2002, while Fairway Meadows II was completed in 2005. These projects demonstrate that affordable housing has been present in the city for about two decades.
The 2000s marked the most significant period for affordable housing development in Marshall, with both projects being completed during this decade. Fairway Meadows II, completed in 2005, provides 12 units, all of which are low-income units. It offers an equal mix of two-bedroom and three-bedroom units, with six of each type. Fairway Meadows, completed in 2002, contains 10 units, with only one designated as a low-income unit. This project offers a more diverse mix of unit types, including two one-bedroom, four two-bedroom, and four three-bedroom units.
In total, the LIHTC-funded projects in Marshall provide 2 one-bedroom units, 10 two-bedroom units, and 10 three-bedroom units. This distribution suggests a focus on accommodating families and households of varying sizes.
Marshall's population has remained relatively stable over the past decade, with a slight decrease from 10,958 in 2015 to 10,906 in 2022. During this period, the median income has increased significantly, rising from $51,217 in 2015 to $65,466 in 2022. This upward trend in median income may partially explain the lack of new LIHTC projects in recent years, as the overall economic situation of residents may have improved.
The racial composition of Marshall has remained predominantly white, with a slight increase in diversity over the past decade. The percentage of white residents decreased slightly from 90% in 2015 to 93% in 2022, while there were small increases in Asian and multiracial populations.
Marshall's LIHTC-funded affordable housing inventory provides a mix of unit types to serve different household sizes. The two projects, both completed in the early 2000s, represent the city's commitment to affordable housing during that period. While no new LIHTC projects have been developed in recent years, this may be partially attributed to the rising median income in the city. The stable population and increasing median income suggest that the current affordable housing stock, combined with other potential housing assistance programs not covered in this analysis, may be meeting the city's current needs. However, continued monitoring of demographic trends and housing affordability will be crucial for addressing future affordable housing requirements in Marshall.