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Affordable Housing in Monroe, Michigan: Recent LIHTC Developments
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Monroe, Michigan, possesses a LIHTC-funded affordable housing inventory of 299 units, with 294 designated as low-income units. This inventory constitutes approximately 3.46% of the city's estimated 8,644 housing units. The city has received $2,385,374 in project tax credits through the LIHTC program, representing 0.81% of Michigan's total LIHTC funding.
The LIHTC-funded affordable housing in Monroe was developed between 2016 and 2018. The first project, Village Pines Of Monroe, was completed in 2016, and the most recent project, Norman Towers, was finished in 2018. This two-year period marks the presence of LIHTC-funded affordable housing in the city.
The affordable housing inventory in Monroe comprises 1 efficiency unit, 109 one-bedroom units, 148 two-bedroom units, and 32 three-bedroom units. This diverse mix of unit types addresses various household sizes and needs within the community.
Monroe's population decreased slightly from 23,382 in 2010 to 22,562 in 2022. Despite this decline, the median income increased from $45,681 in 2013 to $53,447 in 2022. This rise in median income may indicate a growing need for affordable housing options for lower-income residents.
The racial composition of Monroe has remained relatively stable. The white population consistently represents the majority at approximately 85-88% of the total population. The black population increased slightly from 4% in 2013 to 6% in 2022, while the Hispanic population remained steady at around 3-4%. This demographic stability suggests that the LIHTC projects have been developed in response to consistent community needs rather than significant demographic shifts.
Monroe's LIHTC-funded affordable housing inventory provides important housing options for low-income residents. The recent development of these projects between 2016 and 2018 indicates a growing focus on affordable housing in the community. With a diverse mix of unit types and a significant portion of the state's LIHTC funding, Monroe has made progress in addressing affordable housing needs. Continued monitoring of demographic trends and housing needs will be crucial for future affordable housing planning and development in the city.
