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Affordable Housing in Medicine Lake, Montana: LIHTC's Impact on a Small Town
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Medicine Lake, Montana, is a small town with a distinct affordable housing profile. The Low-Income Housing Tax Credit (LIHTC) program has contributed one project to the town's affordable housing stock, providing 4 low-income units. This LIHTC-funded housing represents approximately 5.5% of the town's estimated housing units, based on the 2022 population and national average household size.
The Lake Apartments, completed in 1991, constitutes the entirety of LIHTC-funded affordable housing in Medicine Lake. This project received $37,230 in tax credits, equating to an average federal funding of $9,307.50 per unit. Medicine Lake's LIHTC allocation accounts for 0.02% of Montana's total LIHTC funding, reflecting the town's small size and limited affordable housing development.
The affordable housing inventory in Medicine Lake consists of 2 one-bedroom units and 2 two-bedroom units, offering a range of housing options for low-income residents. This distribution indicates an effort to accommodate varying household sizes within the limited affordable housing stock.
Demographic trends over the past decade reveal notable patterns in Medicine Lake. The population has fluctuated slightly, ranging from 154 to 190 residents between 2015 and 2022. Median income has increased gradually from $52,842 in 2015 to $57,202 in 2022, indicating a modest improvement in economic conditions.
Racial composition in Medicine Lake has remained relatively stable, with a predominantly white population. However, there has been a small increase in diversity, with the percentage of residents identifying as white decreasing slightly from 93% in 2019 to 87% in 2022. The Hispanic population has grown from less than 1% in earlier years to 7% in 2022, suggesting a gradual shift in the town's demographic makeup.
The LIHTC-funded affordable housing in Medicine Lake represents a small portion of the town's estimated housing inventory. The stable population and gradual income growth over the past decade suggest that the demand for additional affordable housing may not have significantly increased since the Lake Apartments were built in 1991.
Medicine Lake's LIHTC-funded affordable housing, while limited in scale, has been a longstanding component of the town's housing landscape for over three decades. The demographic trends indicate a slowly evolving community with modest population growth and increasing diversity, factors that may influence future affordable housing needs in the town.
