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Affordable Housing in Meridian, Idaho: LIHTC Program Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Meridian, Idaho, a rapidly growing city, has implemented the Low-Income Housing Tax Credit (LIHTC) program to develop its affordable housing sector. The city's LIHTC-funded affordable housing inventory comprises 168 total units, with 150 designated as low-income units. This represents approximately 0.34% of the city's estimated housing inventory of 49,705 units.
Meridian has received $1,086,434 in project tax credits for affordable housing through the LIHTC program. With three projects, this equates to an average federal funding of $362,145 per project and $6,467 per unit. Meridian's allocation constitutes 1.35% of Idaho's total LIHTC funding.
The city's LIHTC-funded affordable housing development spans from 2003 to 2017, with the Tramore Senior project initiating the program and Washington Square being the most recent development. The majority of affordable housing projects, two out of three, were completed during the 2000s.
Meridian's LIHTC-funded housing stock includes a variety of unit types: 61 one-bedroom units, 66 two-bedroom units, 6 three-bedroom units, and 8 four-bedroom units. This diverse range accommodates various household compositions within the low-income population.
Meridian has experienced substantial population growth, increasing from 83,594 in 2013 to 129,730 in 2022. The median income has also risen significantly, from $63,305 in 2013 to $89,683 in 2022. This growth may have intensified the need for affordable housing options and potentially widened the gap between market-rate housing costs and affordable options for low-income residents.
Racial demographic data for 2022 indicates that Meridian is predominantly white (80%), with Hispanic residents comprising 9% of the population. The city has small percentages of Asian (3%), Black (2%), and multiracial (6%) residents. This demographic composition may influence the need for culturally sensitive affordable housing solutions.
Meridian's LIHTC-funded affordable housing inventory, while relatively small compared to the overall housing stock, represents an important contribution to addressing low-income housing needs. The city has utilized federal tax credits to develop various unit types across three projects over a 14-year period. As Meridian continues to grow rapidly and diversify, ongoing attention to affordable housing development may be necessary to meet the evolving needs of its low-income residents.
