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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
New Tacoma, a neighborhood in Tacoma, Washington, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 1,889 units in LIHTC-funded projects, with 1,815 designated as low-income units. This inventory of affordable housing addresses the neighborhood's housing needs.
Based on the 2022 population of 16,092 and the national average household size of 2.61, New Tacoma has an estimated 6,166 housing units. LIHTC-funded affordable housing units account for approximately 30.6% of this estimated housing inventory, indicating a substantial portion of the neighborhood's housing stock is dedicated to affordable options.
The LIHTC program has invested significantly in New Tacoma, with project tax credits totaling $12,917,561. This equates to an average federal funding of approximately $6,838 per unit in LIHTC-funded projects, demonstrating a substantial commitment to affordable housing in the area.
Affordable housing has been a long-standing feature of New Tacoma, with the earliest LIHTC projects completed in 1988 and the most recent in 2018, showcasing a 30-year span of affordable housing development. The 1990s and 2010s were particularly active decades for construction.
LIHTC-funded projects in New Tacoma offer a diverse range of unit types, with 240 efficiencies, 1,010 one-bedroom units, 228 two-bedroom units, 61 three-bedroom units, and 4 four-bedroom units. This distribution suggests a focus on accommodating smaller households and individuals. Some projects cater to specific populations, such as large families or transitional housing for the homeless.
Over the past decade, New Tacoma has experienced population growth, increasing from 13,841 in 2013 to 16,092 in 2022. The median income has risen from $32,992 in 2013 to $48,844 in 2022, indicating improving economic conditions for residents. The racial composition has remained relatively stable, with slight changes in the white, Asian, and Hispanic populations.
New Tacoma demonstrates a robust commitment to affordable housing through its LIHTC-funded projects. With nearly a third of its estimated housing stock dedicated to affordable units, the neighborhood has consistently developed diverse housing options over three decades. This analysis underscores the significant role of LIHTC funding in shaping New Tacoma's housing landscape and addressing the needs of its lower-income residents.