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Affordable Housing in Prescott Valley: Three Decades of LIHTC 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
Prescott Valley, Arizona, has integrated Low-Income Housing Tax Credit (LIHTC) funded affordable housing into its community. The town's LIHTC inventory comprises 378 total units, with 366 designated as low-income units. This represents approximately 1.8% of the town's estimated 20,870 housing units.
Prescott Valley has received $3,141,216 in project tax credits for affordable housing through the LIHTC program. With approximately 9 projects, this equates to an average of $349,024 in federal funding per project. The average federal funding per unit is $8,310. Prescott Valley holds 1.53% of Arizona's total LIHTC funding allocation.
The town's involvement with LIHTC-funded affordable housing began in 1988 with the Prescott Valley Housing project and continued through at least 2010 with the completion of Sungate Villa Senior Community II. This span of over two decades indicates a long-term commitment to affordable housing development in Prescott Valley.
The 2000s witnessed significant affordable housing development, with multiple projects completed during this decade, including Valley View Apartments (2004), Sungate Villa Senior Community I (2007), Valley View Apartments II (2008), Navapai Apartments (2009), and Lynx Creek Apartments (2009).
The LIHTC-funded housing stock in Prescott Valley includes a mix of unit types, with 125 one-bedroom units, 88 two-bedroom units, and 38 three-bedroom units. This range of unit sizes accommodates various household compositions within the low-income population.
Over the past decade, Prescott Valley's population increased from 46,421 in 2013 to 54,470 in 2022. The median income rose from $46,818 in 2013 to $55,827 in 2022. The racial distribution remained relatively stable, with a slight increase in diversity. The White population decreased from 78% in 2013 to 75% in 2022, while the Hispanic population remained at approximately 19-20%.
Despite population growth and increased median income, no new LIHTC projects appear to have been completed in the last decade. This may suggest that the existing affordable housing stock has been sufficient to meet the needs of the low-income population, or that other housing programs are addressing affordable housing needs.
Prescott Valley's LIHTC-funded affordable housing inventory represents a significant investment in addressing low-income housing needs. The town has consistently developed affordable housing projects over more than two decades, with a concentration of development in the 2000s. The diverse mix of unit types suggests an effort to accommodate various household sizes within the low-income population. The lack of recent LIHTC projects, coupled with demographic trends showing population growth and increased median income, may indicate a need for reassessment of current affordable housing needs in Prescott Valley.
