Over the past decade, Olyphant has experienced slight fluctuations in its population, with a general increasing trend from 5,062 in 2019 to 5,372 in 2022. The median income has also shown an overall increase, rising from $56,757 in 2019 to $56,967 in 2022, with a peak of $65,396 in 2021.

Regarding race distribution, the city has maintained a predominantly white population, though there has been a slight increase in diversity. The Hispanic population has grown from 12% in 2019 to 14% in 2022, while the white population has slightly decreased from 85% to 84% during the same period. The Asian population and those identifying as two or more races have remained relatively stable at around 1-2%.

No new LIHTC projects have been built in the last decade. The demographic data suggests a relatively stable population with a slight increase in median income. This may indicate that the existing affordable housing project continues to meet a portion of the city's needs, though further assessment may be necessary to determine if additional affordable housing is required to address any potential gaps.

Olyphant's LIHTC funded affordable housing inventory consists of one project, Olyphant Senior Housing, which has been serving the community since 1999. The project provides 43 low-income units, covering about 2.09% of the estimated housing stock. The city has experienced slight population growth and increases in median income over the past decade, while the racial composition has remained relatively stable with a small increase in diversity. The existing LIHTC project continues to contribute to the city's affordable housing needs, though ongoing evaluation may be necessary to ensure it meets the evolving demands of the community.