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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Okemos, located in Michigan, has a LIHTC funded affordable housing inventory consisting of 150 total units, with 15 designated as low-income units. This represents approximately 1.38% of the estimated 10,890 housing units in the city. The inventory comprises two LIHTC funded projects: Ivan Wood Senior Apartments, completed in 1991, and Meridian Stratford Place, finished in 2004.
The housing inventory primarily consists of one-bedroom and two-bedroom units, with 77 one-bedroom and 73 two-bedroom units across both projects. This distribution suggests a focus on accommodating smaller households and potentially senior residents. The most recent affordable housing development in Okemos occurred in the 2000s.
Okemos has experienced steady population growth over the past decade, increasing from 23,479 in 2013 to 28,424 in 2022. The median income has also risen, from $84,978 in 2013 to $87,920 in 2022, indicating overall economic growth in the area. Racial demographics have shifted notably during this period, with the white population decreasing from 78% in 2013 to 62% in 2022, while the Asian population increased from 12% to 20%. Other racial groups, including Black, Hispanic, and multiracial populations, have also seen slight increases.
Despite demographic changes and population growth, no new LIHTC projects have been developed in Okemos since 2004. This could be due to the relatively high median income in the area, which may reduce the perceived need for additional affordable housing units.
Okemos's LIHTC funded affordable housing inventory has been a part of the community for over 30 years. The existing projects focus on one-bedroom and two-bedroom units, potentially catering to smaller households and seniors. Despite significant population growth and demographic shifts over the past decade, no new LIHTC projects have been developed since 2004. The city's high median income may be a factor in the lack of recent affordable housing development through the LIHTC program.