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Affordable Housing in Mount Vernon, Indiana: LIHTC Impact on a Small City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Mount Vernon, Indiana, maintains a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 69 affordable housing units, all designated as low-income units. Based on the 2022 population of 9,154 and an estimated 3,507 housing units, LIHTC-funded affordable housing comprises approximately 1.97% of the city's estimated housing inventory.
Mount Vernon has received $130,815 in project tax credits through the LIHTC program. With two approximate projects, this translates to an average of $65,407.50 in federal funding per project. When divided by the total 69 units, it amounts to about $1,895.87 in federal funding per unit. The city holds 0.03% of Indiana's total state LIHTC funding.
The first LIHTC project in Mount Vernon, Village Apts Of Mt Vernon, was completed in 1993, while the most recent project, Lamplight Manor Of Mount Vernon, was finished in 2010. This indicates that affordable housing has been present in the city for at least 17 years. The 2010s saw the most recent affordable housing development in Mount Vernon.
The LIHTC-funded housing inventory in Mount Vernon consists of 43 one-bedroom units and 26 two-bedroom units. There are no efficiencies, three-bedroom, or four-bedroom units reported in these projects.
Over the past decade, Mount Vernon's population has slightly decreased from 9,565 in 2019 to 9,154 in 2022. The median income has shown an overall increase, rising from $63,867 in 2019 to $69,463 in 2022. The racial composition has remained relatively stable, with the white population consistently making up over 90% of the city's residents. There has been a slight increase in the Hispanic population, from 3% in 2019 to 3% in 2022.
The lack of new LIHTC projects in the last decade could be attributed to the city's rising median income and relatively stable population, which might indicate a reduced need for additional affordable housing units.
Mount Vernon's LIHTC-funded affordable housing inventory provides 69 low-income units to the community. The city has received over $130,000 in tax credits for these projects, which span nearly two decades of development. The housing stock is primarily composed of one and two-bedroom units, potentially catering to smaller households or seniors. Despite the lack of recent LIHTC developments, the city's demographic trends, including a rising median income and stable population, may suggest a current equilibrium in affordable housing needs. However, continued monitoring of housing affordability in relation to income trends would be prudent for future planning.
