Montgomery's population has fluctuated slightly over the last decade, peaking at 35,757 residents in 2014 and declining to 33,309 by 2022. The median income has shown an overall upward trend, increasing from $77,867 in 2013 to $82,572 in 2022, with some fluctuations in between.

Racial demographics have remained relatively stable. The white population decreased slightly from 56% in 2013 to 53% in 2022. The Hispanic population increased modestly from 30% to 35% during the same period. The Black population grew slightly from 4% to 7%, while the Asian population remained steady at approximately 2%.

The absence of new LIHTC projects in the last decade may be attributed to the relatively high median income in the area, which has consistently been above $80,000 since 2015. This suggests that the city may have a lower proportion of residents qualifying for low-income housing compared to other areas.

Montgomery's LIHTC funded affordable housing inventory is concentrated in a single project, the Montgomery Farms Senior Apartments, which has served the community since 1997. While the 122 low-income units represent a small fraction of the city's estimated housing stock, they provide valuable affordable housing options, particularly for seniors. The city's demographic trends, including a relatively high and increasing median income, may explain the lack of additional LIHTC projects in recent years. Other affordable housing programs not captured in this data may also contribute to the city's overall affordable housing inventory.