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Affordable Housing in North Park, Billings: LIHTC's Impact on Neighborhood Dynamics
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
North Park, a neighborhood in Billings, Montana, contains 116 units of Low-Income Housing Tax Credit (LIHTC) funded affordable housing, with 111 designated as low-income units. Based on the 2022 population of 5,581 and the national average household size, the estimated housing inventory in North Park is approximately 2,138 units. LIHTC-funded affordable housing represents about 5.4% of this estimated inventory.
The LIHTC program has invested $254,900 in tax credits for affordable housing projects in North Park, averaging approximately $2,197 per unit in federal funding. LIHTC-funded affordable housing in the neighborhood dates back to at least 1996, with the completion of the 8Th Ave Apts. The most recent recorded project, Sage Tower, was completed in 2009, indicating over a decade of affordable housing development in the area.
Affordable housing development in North Park was particularly active during the 1990s and 2000s. The 8Th Ave Apts, completed in 1996, offers a mix of two-bedroom, three-bedroom, and four-bedroom units. Sage Tower, finished in 2009, focuses on smaller units, primarily efficiencies and one-bedroom apartments. In total, LIHTC-funded projects in North Park provide 37 efficiencies, 44 one-bedroom units, 12 two-bedroom units, 1 three-bedroom unit, and 4 four-bedroom units, suggesting a focus on accommodating smaller households, potentially senior citizens or single individuals.
North Park has experienced demographic shifts over the past decade. The population has remained relatively stable with minor fluctuations. The median income has shown an overall upward trend, increasing from $36,510 in 2013 to $43,428 in 2022, with a peak of $53,034 in 2021. This increase in median income may affect the demand for affordable housing in the area.
Racial demographics in North Park have also changed. The white population has decreased from 79% in 2013 to 66% in 2022, while Hispanic, Native American, and multiracial populations have increased. This diversification may influence the types of affordable housing needs in the neighborhood.
North Park's LIHTC-funded affordable housing inventory comprises a significant portion of the neighborhood's estimated housing stock. The area has seen consistent investment in affordable housing over the years, with projects catering to various household sizes. While no new LIHTC projects have been recorded in the last decade, the existing inventory continues to serve the community. The changing demographics, including rising median income and increasing diversity, may shape future affordable housing needs in North Park.
