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Affordable Housing in Post Falls, Idaho: LIHTC Program's Impact on Urban 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
Post Falls, Idaho, a growing city in the northern part of the state, has 560 units in Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects. Of these, 491 are designated as low-income units. The estimated housing inventory of Post Falls is 18,167 units, with LIHTC-funded affordable housing comprising approximately 3.1% of the city's housing stock.
Post Falls has received $5,215,065 in project tax credits through the LIHTC program. With 13 projects, this averages to about $401,159 in federal funding per project. The average federal funding per unit is approximately $9,313. Post Falls holds 6.46% of the total state LIHTC funding, indicating a significant portion of Idaho's affordable housing resources are allocated to this city.
The first LIHTC project in Post Falls, Parkside Apartments, was completed in 1988, while the most recent project, Pointe, was finished in 2017. This represents nearly three decades of affordable housing development in the city. The 2000s and 2010s saw the most affordable housing activity, with multiple projects completed during this period, including North Creek, Montrose, and Silver Creek.
The LIHTC-funded projects in Post Falls offer a range of unit types. There are 103 one-bedroom units, 272 two-bedroom units, and 117 three-bedroom units, catering to various household sizes and needs.
Post Falls has experienced significant population growth, increasing from 34,986 in 2013 to 47,417 in 2022, a 35.5% increase. This suggests a growing demand for housing, including affordable options. The median income has risen from $54,311 in 2013 to $61,308 in 2022, a 12.9% increase. However, this growth in income may not have kept pace with rising housing costs, potentially increasing the need for affordable housing.
The racial composition of Post Falls has remained relatively stable, with a slight decrease in the white population from 92% in 2013 to 88% in 2022, and small increases in Hispanic and multiracial populations. This gradual diversification may indicate a need for culturally sensitive affordable housing options.
Post Falls has made progress in providing affordable housing through the LIHTC program, with 13 projects developed over nearly three decades. The city's rapid population growth and moderate income increases suggest an ongoing need for affordable housing options. While LIHTC-funded units currently represent a small portion of the overall housing stock, they play a crucial role in addressing affordable housing needs in Post Falls. The city's diverse unit offerings and consistent development of affordable housing projects demonstrate a commitment to meeting the varied needs of its low-income residents.
