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Affordable Housing in Maryville, Missouri: Two Decades of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Maryville, Missouri, located in the northwest part of the state, has implemented the Low-Income Housing Tax Credit (LIHTC) program to provide affordable housing. The city's LIHTC-funded affordable housing inventory comprises 304 total units, with 287 designated as low-income units. This represents approximately 5.6% of Maryville's estimated housing stock of 5,439 units.
The LIHTC program has invested $4,835,780 in project tax credits in Maryville. With approximately 7 projects, this equates to an average of $690,826 in federal funding per project, or about $15,907 per unit. Maryville's share of Missouri's total LIHTC funding is 1.38%, indicating a substantial investment in affordable housing relative to the city's size.
Maryville's involvement with LIHTC-funded affordable housing began in 1992 with the Maryville Properties project and continued through 2016 with the completion of Southview Apartments Phase II. This 24-year period demonstrates a long-term commitment to affordable housing development. The 2010s were particularly active, with four projects completed during this decade, including Southview Apartments and Villas At The Summit Phase II.
The LIHTC-funded housing in Maryville offers a variety of unit sizes, including 5 one-bedroom units, 154 two-bedroom units, and 52 three-bedroom units. This distribution suggests an emphasis on accommodating families and small households. The Southview Apartments Phase II project, completed in 2016, specifically targets individuals with disabilities, addressing the specialized housing needs of this population.
Maryville's population has experienced a slight decline over the past decade, decreasing from 15,784 in 2015 to 14,197 in 2022. Despite this population decrease, the median income has increased from $32,698 in 2015 to $43,348 in 2022, indicating improved economic conditions for residents. The racial composition of the city has remained relatively stable, with a marginal decrease in the white population from 91% to 91%, and small increases in Asian and multiracial populations.
In conclusion, Maryville's LIHTC-funded affordable housing inventory constitutes a significant portion of the city's housing stock, offering diverse unit sizes to meet various household needs. The city has maintained a consistent investment in affordable housing for over two decades, with increased activity in recent years. Although the population has slightly declined, rising median incomes suggest a changing economic landscape that may influence future affordable housing requirements. The inclusion of housing specifically designed for individuals with disabilities demonstrates an awareness of diverse housing needs within the community.
