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Affordable Housing in Prospect Park: Single LIHTC Project Amidst Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Prospect Park, a neighborhood in Des Moines, Iowa, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project, Marycrest Senior Campus IV, provides 11 affordable units, including 2 low-income units. Based on the 2022 population of 3,789 and an estimated 1,452 housing units in the neighborhood, the LIHTC-funded affordable housing comprises approximately 0.76% of the neighborhood's estimated housing inventory.
The LIHTC program has invested $244,809 in tax credits for affordable housing in Prospect Park. This equates to an average federal funding of $22,255 per unit in the LIHTC-funded project. Marycrest Senior Campus IV, completed in 2009, represents the only LIHTC project in the neighborhood, indicating over a decade of affordable housing presence in Prospect Park.
The project consists of 11 total units, including 4 efficiencies, 6 one-bedroom units, and 1 two-bedroom unit. This unit mix indicates a focus on accommodating smaller households or individuals.
Over the past decade, Prospect Park has experienced demographic shifts. The population has grown from 3,210 in 2019 to 3,789 in 2022, indicating an 18% increase. Median income has fluctuated, rising from $54,880 in 2019 to $58,793 in 2022, representing a 7.1% increase.
Racial distribution in the neighborhood has also changed. The white population decreased from 43% in 2019 to 40% in 2022, while the Black population increased from 27% to 33% during the same period. The Asian population remained relatively stable at 15% between 2019 and 2022.
Despite these demographic changes, no new LIHTC projects have been developed in Prospect Park since 2009. This could be due to various factors, including land availability, local zoning policies, or changes in funding priorities.
Prospect Park's affordable housing landscape is characterized by a single LIHTC project, Marycrest Senior Campus IV, which provides 11 units of affordable housing. While this project contributes to the neighborhood's housing diversity, it represents a small portion of the estimated housing inventory. The neighborhood has experienced population growth and income increases over the past decade, along with shifts in racial composition. These demographic changes, coupled with the lack of new LIHTC developments since 2009, suggest a potential need for reassessment of affordable housing requirements in Prospect Park.
