Loading Content...
Affordable Housing in Monroe, Louisiana: LIHTC Program Impact on Urban Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Monroe, Louisiana, has a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. As of 2022, the city's population was 63,027, with 247 total units in LIHTC-funded projects, of which 142 are designated as low-income units. Based on an estimated housing inventory of 24,148 units, LIHTC-funded affordable housing comprises approximately 1.02% of the city's housing stock.
Monroe has received $2,342,943 in project tax credits for affordable housing through the LIHTC program. With approximately 20 projects, this translates to an average federal funding of $117,147 per project and $9,485 per unit. Monroe holds 1.93% of Louisiana's total LIHTC funding, indicating a modest share of the state's affordable housing initiatives.
The city's LIHTC-funded affordable housing history spans from 1988 to at least 2013, with the first project being Pecan Villa Apts and one of the most recent being 141 Lofts. The 2000s saw the most activity, with multiple projects completed in 2007 and 2011, including Byers II, KGJ Memorial Estates Phase II, and Tri-City Subdivision in 2007, and Byers Estates III, Fort Miro Homes, and Tri-City Townhomes in 2011.
Monroe's LIHTC-funded housing stock comprises a mix of unit types, including 16 efficiencies, 74 one-bedroom, 52 two-bedroom, 11 three-bedroom, and 3 four-bedroom units. This diverse range caters to various household sizes and needs within the low-income population. One notable project, Passman Plaza III, completed in 2008, targets families and individuals with special needs, addressing a specific demographic within the affordable housing sector.
Over the past decade, Monroe's population has shown slight fluctuations, with a general upward trend from 60,348 in 2013 to 63,027 in 2022. The median income has also increased from $38,231 in 2013 to $43,403 in 2022, indicating modest economic growth. The racial distribution has remained relatively stable, with a slight decrease in the Black population (from 61% to 59%) and a small increase in the Hispanic population (from 1% to 2%).
Monroe's LIHTC-funded affordable housing inventory, while modest in comparison to the city's total housing stock, represents a consistent effort to provide low-income housing options. The city has maintained a steady stream of affordable housing projects over the years, with particular activity in the 2000s. The diverse unit types and targeted projects like Passman Plaza III demonstrate attempts to meet varied housing needs. The relatively low percentage of covered housing stock suggests there may be room for additional affordable housing initiatives to meet the needs of the city's low-income residents.
