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Affordable Housing in Richmond, Missouri: Three Decades of LIHTC Implementation
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Richmond, Missouri has implemented Low-Income Housing Tax Credit (LIHTC) funded affordable housing since 1990. The city's LIHTC inventory comprises 132 total units, with 96 designated as low-income units. Based on the 2022 population of 6,912 and an estimated 2,648 housing units, LIHTC funded affordable housing represents approximately 5% of the city's estimated housing inventory.
Richmond has received $266,536 in project tax credits for affordable housing through the LIHTC program. With 4 projects, this translates to an average federal funding of $66,634 per project and $2,019 per unit. The city holds 0.08% of the total state LIHTC funding, indicating a modest share of Missouri's affordable housing resources.
The first LIHTC project, Richmond Estates, was completed in 1990, while the most recent addition, Richmond Senior Housing, was built in 2006. The 1990s saw the most activity in affordable housing development, with three projects completed during this decade: Richmond Estates (1990), Richmond Manor Apts (1994), and Richmond-Hardin Partnership (1995).
The LIHTC funded projects in Richmond primarily consist of one-bedroom and two-bedroom units, with 52 one-bedroom and 80 two-bedroom units available. This distribution suggests a focus on housing for small families and individuals.
Over the last decade, Richmond has experienced fluctuations in its population, with a general trend towards growth. The population increased from 6,093 in 2015 to 6,912 in 2022. Concurrently, the median income has shown significant growth, rising from $41,180 in 2015 to $57,498 in 2022. This increase in median income might indicate a changing economic landscape in the city.
The racial composition of Richmond has remained relatively stable, with a predominantly white population. However, there has been a slight increase in diversity, with small increases in the Hispanic, Black, and multi-racial populations. As of 2022, the city's population was 92% white, 4% Hispanic, 2% Black, and 1% two or more races.
No new LIHTC projects have been built in Richmond since 2006. This could be due to various factors, including the rising median income, which might have reduced the perceived need for additional affordable housing units.
Richmond's LIHTC funded affordable housing inventory, while modest, provides an important resource for low-income residents. The city has maintained a consistent presence of affordable housing since 1990, with a focus on one and two-bedroom units. While the population has grown and median income has increased significantly over the past decade, the racial composition has remained relatively stable with slight increases in diversity. These demographic shifts may influence future affordable housing needs and development in Richmond.
