Loading Content...
Affordable Housing in Rio Rico: LIHTC Impact on a Growing Arizona Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Rio Rico, located in Arizona, has a total of 61 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program, with 51 designated as low-income units. Based on the 2022 population of 21,360 and an estimated housing inventory of 8,184 units, the LIHTC funded affordable housing represents approximately 0.75% of the city's estimated housing stock.
Rio Rico has received $781,302 in project tax credits from the LIHTC program for affordable housing. With one project, this translates to an average federal funding of $781,302 per project and $12,808 per unit. The city holds 0.38% of the total state LIHTC funding, indicating a small share of Arizona's affordable housing resources.
The LIHTC funded affordable housing in Rio Rico consists of one project, El Destino, completed in 2006. This project has been providing affordable housing options in the city for over 15 years. The 61 units in El Destino are distributed as follows: 28 two-bedroom units, 27 three-bedroom units, and 6 four-bedroom units, offering a range of options for different household sizes.
Over the last decade, Rio Rico has experienced fluctuations in population, with a general upward trend from 19,468 in 2015 to 21,360 in 2022. The median income has also shown variability, ranging from $53,348 in 2015 to $62,694 in 2021, before decreasing to $57,229 in 2022.
The racial composition of Rio Rico has remained relatively stable, with a predominantly Hispanic population. The Hispanic population has slightly increased from 86% in 2015 to 86% in 2022, while the white population has remained around 12-13% during this period. The consistency in demographic trends suggests a continued need for affordable housing options in the community.
Rio Rico's LIHTC funded affordable housing inventory, while modest in size, provides housing options for low-income residents. The single project, El Destino, offers a mix of unit sizes to accommodate various household needs. While the affordable housing stock covers a small percentage of the estimated housing inventory, it represents an investment in the community. The demographic trends over the past decade indicate a growing population and fluctuating median income, suggesting an ongoing need for affordable housing options in Rio Rico.
