Loading Content...
Affordable Housing in Monett: LIHTC's Impact on a Changing Missouri City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Monett, located in Missouri, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC program has contributed 191 total units, of which 165 are designated as low-income units. Based on the 2022 population of 14,240 and an estimated 5,456 housing units, the LIHTC-funded affordable housing covers approximately 3.5% of the city's estimated housing inventory.
Monett has received $508,000 in project tax credits for affordable housing through the LIHTC program. With approximately 5 projects, this translates to an average of $101,600 in federal funding per project. When divided by the total number of units, it amounts to about $2,660 in federal funding per unit. Monett holds 0.14% of the total state LIHTC funding.
The city's affordable housing development spans nearly three decades, with the first LIHTC projects, Fairway Apts and Oaks, completed in 1991. The most recent addition is Plymouth Landing, completed in 2018. The 1990s saw the most affordable housing development activity in Monett.
The LIHTC-funded projects in Monett provide a mix of unit types, with 92 one-bedroom units, 88 two-bedroom units, and 11 three-bedroom units. This distribution accommodates various household sizes within the affordable housing inventory. Plymouth Landing, completed in 2018, targets the handicapped population, addressing the specific housing needs of vulnerable populations within the community.
Over the past decade, Monett has experienced demographic shifts. The population has declined slightly from 14,975 in 2010 to 14,240 in 2022. The median income has increased from $47,746 in 2013 to $53,631 in 2022, indicating a general improvement in economic conditions. The racial composition has also changed, with the white population decreasing from 80% in 2013 to 71% in 2022, and the Hispanic population growing from 15% to 21% during the same period. The percentage of residents identifying as two or more races has risen from 1% to 6%.
Monett's LIHTC-funded affordable housing inventory represents a consistent effort to provide affordable housing options over nearly three decades. The city has utilized federal funding to create a diverse range of units, catering to different household sizes and specific populations such as the handicapped. While the LIHTC projects cover a small percentage of the estimated housing inventory, they play a role in addressing affordable housing needs in the community. The demographic trends provide context for the ongoing need for affordable housing options in Monett.
