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Affordable Housing in Park Farms: LIHTC-Funded Senior Living 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
Park Farms, a neighborhood in Kansas City, Missouri, has a presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood has 52 total units in LIHTC funded projects, with 48 of these designated as low-income units. Based on the estimated 2,810 housing units in the neighborhood, LIHTC funded affordable housing covers approximately 1.85% of the housing inventory.
The LIHTC program has invested in Park Farms, with project tax credits totaling $554,000. This translates to an average federal funding of $10,654 per unit in LIHTC funded projects. The neighborhood's LIHTC funded affordable housing inventory consists of 4 one-bedroom units and 48 two-bedroom units, providing a mix of housing options for residents.
The most recent LIHTC project in Park Farms is the Emanuel Cleaver II Senior Living Community, completed in 2019. This project caters to the handicapped population, addressing the housing needs of this demographic.
Over the past decade, Park Farms has experienced demographic shifts. The population has increased from 6,320 in 2013 to 7,334 in 2022, indicating growing housing demand. Median income has fluctuated, peaking at $50,041 in 2016 and dropping to $47,261 in 2022, suggesting a potential increase in the need for affordable housing options.
Racial demographics have remained relatively stable, with an increase in the white population from 45% in 2020 to 52% in 2022, and a consistent Black population of around 38-40%. The Hispanic population has decreased from 10% in 2020 to 5% in 2022.
The completion of the Emanuel Cleaver II Senior Living Community in 2019 aligns with the period of population growth and income fluctuations, potentially addressing a need for affordable senior and handicapped-accessible housing in the neighborhood.
Park Farms has a modest LIHTC funded affordable housing inventory, focused on providing one and two-bedroom units. The development of the Emanuel Cleaver II Senior Living Community demonstrates an approach to addressing specific community needs. While LIHTC funded units cover a small percentage of the estimated housing inventory, they represent a component of the neighborhood's affordable housing options. The demographic trends, including population growth and income fluctuations, suggest a need for affordable housing solutions in Park Farms.
