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Affordable Housing in Milliken, Colorado: Limited LIHTC Inventory Amidst Population Growth
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Milliken, Colorado, has a modest contribution to affordable housing through the Low-Income Housing Tax Credit (LIHTC) program. The town has 2 total affordable units, all of which are designated as low-income units. Based on the estimated housing inventory of 3,842 units, the LIHTC-funded affordable housing covers approximately 0.05% of the town's housing stock.
Milliken has received $187,319 in project tax credits through the LIHTC program. With one approximate project, this translates to an average federal funding of $187,319 per project and $93,659.50 per unit. The town holds 0.04% of Colorado's total LIHTC funding allocation.
The only LIHTC project in Milliken is the Dove Valley Senior Housing, completed in 2007. This project marks the beginning and current end of LIHTC-funded affordable housing in the town, spanning a period of 15 years. The Dove Valley Senior Housing project consists of 2 units, with a breakdown of 1 one-bedroom unit and 1 two-bedroom unit. This composition suggests a focus on accommodating smaller households or individuals.
Over the past decade, Milliken has experienced significant population growth, increasing from 6,721 residents in 2013 to 10,027 in 2022. The median income has also risen, from $72,155 in 2013 to $78,165 in 2022, indicating overall economic improvement in the area.
Racial demographics have remained relatively stable, with a slight decrease in the Hispanic population (from 34% in 2013 to 25% in 2022) and an increase in the White population (from 64% in 2013 to 72% in 2022). The town has maintained a low percentage of other racial groups throughout this period.
Despite the population growth and income changes, there have been no new LIHTC projects in Milliken since 2007. This could be due to various factors, including changes in local housing policies, shifts in funding priorities, or the possibility that other affordable housing programs are meeting the town's needs.
Milliken's LIHTC-funded affordable housing inventory is limited to one project with 2 units, completed in 2007. While this represents a small portion of the town's estimated housing stock, it is important to note that other affordable housing programs may be contributing to the town's overall affordable housing inventory. The town has experienced significant population growth and increased median income over the past decade, which may influence future affordable housing needs and development strategies.
