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Affordable Housing in Orchard Homes: LIHTC Impact on a Small Montana Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Orchard Homes, Montana, is a community with a population of 8,851 as of 2022. The city has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing 35 low-income units. Based on the estimated housing inventory of 3,391 units, the LIHTC-funded affordable housing covers 1.03% of the city's housing stock.
The LIHTC program has allocated $426,132 in tax credits to Orchard Homes for affordable housing development. This translates to an average federal funding of $426,132 per project and $12,175 per unit. Orchard Homes holds 0.23% of Montana's total LIHTC funding.
The sole LIHTC-funded project in Orchard Homes is Orchard Gardens, completed in 2005. This project has been providing affordable housing in the city for over 15 years. The 35-unit development consists of 19 one-bedroom units, 11 two-bedroom units, and 5 three-bedroom units, offering a range of options for different household sizes.
Over the past decade, Orchard Homes has experienced fluctuations in population, with a decrease from 9,219 in 2019 to 8,851 in 2022. The median income has shown an upward trend, rising from $67,059 in 2019 to $69,020 in 2022.
Regarding racial distribution, Orchard Homes has maintained a predominantly white population, with a decrease from 91% in 2019 to 89% in 2022. There has been an increase in diversity, with the Asian population growing from 1% to 4% during this period.
No new LIHTC projects have been developed in the last decade. The demographic data suggests a relatively stable population with increasing median income. This may indicate that the existing affordable housing stock, combined with other potential affordable housing programs not covered in this analysis, may be meeting the current needs of the community.
Orchard Homes has one LIHTC-funded affordable housing project, Orchard Gardens, which provides 35 low-income units. This project represents a small portion of the city's estimated housing inventory. The community has seen population fluctuations and an increase in median income over the past decade. While the LIHTC-funded affordable housing stock has remained stable since 2005, the city's changing demographics may influence future affordable housing needs.
