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Affordable Housing in Marshalltown, Iowa: LIHTC Impact on a Changing Demographic Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Marshalltown, Iowa, a city with a population of 28,998 as of 2022, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city has 201 total units in LIHTC-funded projects, with 179 designated as low-income units. This represents approximately 1.81% of the city's estimated housing inventory of 11,110 units.
Marshalltown has received $1,730,614 in project tax credits through the LIHTC program, averaging $216,327 per project and $8,610 per unit in federal funding. The city holds 0.82% of the total state LIHTC funding, indicating its importance in Iowa's affordable housing landscape.
The city's involvement with LIHTC-funded affordable housing began in 1994 with the Crestview of Marshalltown project and continued through 2014 with the completion of Marshalltown Senior Residences and The Tallcorn. The 2000s saw the most activity in LIHTC-funded housing development, with projects like River Birch Eto (2003) and Westown Apts (2005) being completed during this decade.
The LIHTC-funded housing in Marshalltown offers a range of unit types, including 73 one-bedroom units, 88 two-bedroom units, 32 three-bedroom units, and 4 four-bedroom units. This distribution caters to various household sizes and needs within the low-income population.
Marshalltown's population has decreased slightly from 29,572 in 2014 to 28,998 in 2022. However, the median income has increased from $56,236 in 2014 to $59,132 in 2022, suggesting some economic growth. The racial demographics have shifted significantly, with the Hispanic population growing from 24% in 2014 to 32% in 2022, while the white population has decreased from 68% to 57%. The Asian population has increased from 2% to 5% during the same period.
These demographic changes may indicate a need for culturally sensitive affordable housing options. The increase in median income, coupled with population decline, might suggest a changing economic landscape that could impact future affordable housing needs.
Marshalltown's LIHTC-funded affordable housing inventory represents a long-term commitment to providing low-income housing options. The city has leveraged federal funding to create a diverse range of unit types. The changing demographics of the city may influence future affordable housing needs and strategies. Ongoing assessment of affordable housing requirements will be crucial to ensure that the housing stock aligns with the community's changing needs.
