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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Martinez, Georgia, exhibits a small-scale implementation of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city contains 5 affordable housing units financed through the LIHTC program. Based on the 2022 population of 33,516 and the national average household size, Martinez's estimated housing inventory is approximately 12,841 units. LIHTC-funded units constitute about 0.04% of the estimated housing stock, indicating a minimal proportion of the city's housing dedicated to affordable options through this program.
Martinez has received $1,480,394 in project tax credits via the LIHTC program. With approximately 3 projects, this averages to $493,465 per project. The funding equates to an average of $296,079 per unit when considering the 5 total units in LIHTC-funded projects. Martinez holds 0.44% of Georgia's total LIHTC funding allocation.
The city's involvement with LIHTC-funded housing spans from 2000 to 2012, indicating over a decade of affordable housing development. The first project, Wedgewood Park, was completed in 2000, while the most recent, Magnolia Trace, was finished in 2012. The 2000s saw the most activity in LIHTC-funded affordable housing development in Martinez.
The LIHTC-funded units in Martinez consist of 4 three-bedroom units and 1 four-bedroom unit, suggesting a focus on accommodating larger families or households.
Martinez has experienced demographic shifts over the past decade. The population decreased from 35,594 in 2018 to 33,516 in 2022. Despite this population decline, the median income has shown an overall upward trend, rising from $79,229 in 2018 to $79,408 in 2022, with fluctuations in between.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 76% in 2018 to 70% in 2022. There have been small increases in Asian, Hispanic, and multiracial populations during this period. The black population has remained relatively constant at around 12-14%.
The absence of new LIHTC projects in the last decade could be related to the rising median income and relatively stable population, potentially indicating a reduced need for additional low-income housing units through this specific program.
Martinez's LIHTC-funded affordable housing inventory is small, comprising only 5 units across 3 projects. These units represent a very small fraction of the city's estimated housing stock. The city received nearly $1.5 million in tax credits, focusing on larger units with three to four bedrooms. While LIHTC development was active in the 2000s, no new projects have been completed since 2012. This aligns with demographic trends showing a slight population decrease but an increase in median income over the past decade. The racial composition has remained relatively stable with minor shifts towards increased diversity. These factors may have influenced the perceived need for additional LIHTC-funded affordable housing in recent years.