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Affordable Housing in Norwalk's Wilton Avenue: LIHTC-Funded Veteran-Focused Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Wilton Avenue neighborhood in Norwalk, Connecticut, features a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory comprises 57 total units, all designated as low-income units. This affordable housing stock addresses a portion of the community's housing needs.
The LIHTC funded affordable housing represents approximately 3.93% of the estimated 1,449 housing units in the neighborhood. While this percentage falls below the typical 15-20% target for affordable housing, it is important to note that other programs may contribute to the overall affordable housing stock in the area.
The LIHTC program has invested $379,890 in tax credits for affordable housing projects in the Wilton Avenue neighborhood. This investment translates to an average federal funding of $6,665 per unit, indicating a significant commitment to creating affordable housing options in the area.
The Fair Street Apartments, completed in 2010, is a notable project in the neighborhood. This development accounts for all 57 LIHTC funded units in the area and has provided affordable housing options for over a decade. The project includes a diverse mix of unit types, with 1 efficiency unit, 28 one-bedroom units, and 19 two-bedroom units. This variety accommodates different household compositions within the low-income population.
The Fair Street Apartments specifically targets veterans as its population. This focus highlights a commitment to addressing the housing needs of those who have served in the military, potentially offering specialized support services alongside affordable housing.
Over the past decade, the Wilton Avenue neighborhood has experienced significant demographic shifts. The population has grown from 2,822 in 2015 to 3,782 in 2022, indicating a rising demand for housing in the area. Median income has increased from $54,798 in 2015 to $64,132 in 2022, suggesting overall economic growth in the neighborhood.
Racial demographics have also evolved. The Asian population has increased from 3% in 2015 to 13% in 2022, while the Black population has remained relatively stable around 23-25%. The Hispanic population has decreased slightly from 37% to 25%, and the White population has remained fairly consistent around 36-41%.
These demographic changes, particularly the population growth and income increase, may indicate a growing need for affordable housing options to ensure the neighborhood remains accessible to a diverse range of residents.
In summary, the Wilton Avenue neighborhood in Norwalk, Connecticut, has a modest but significant LIHTC funded affordable housing presence. The Fair Street Apartments, completed in 2010 and targeting veterans, represents the entirety of this inventory. While the current LIHTC funded units cover only a small percentage of the estimated housing stock, they play a crucial role in providing affordable options, particularly for veterans. The neighborhood has experienced population growth and income increases over the past decade, along with shifts in racial demographics, potentially indicating an evolving need for affordable housing options to maintain community diversity and accessibility.
