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Affordable Housing in Troy, Missouri: 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
Troy, Missouri has implemented the Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The city has 169 LIHTC-funded affordable housing units, all designated as low-income units. These units represent approximately 2.37% of the city's estimated 7,116 housing units.
Troy has received $1,323,000 in project tax credits through the LIHTC program. This funding is distributed across approximately 7 projects, resulting in an average federal funding of $189,000 per project and $7,828 per unit. The city's share of the total state LIHTC funding is 0.38%.
Affordable housing development in Troy began in 1992, with the most recent project completed in 2020. This 28-year span indicates a long-term commitment to affordable housing provision. The 1990s were particularly active, with four projects completed: Troy Village Apartments (1992), Troy Estates Apartments (1994), Troy Villa (1995), and Gateway Villas (1998).
The LIHTC-funded housing in Troy primarily consists of one-bedroom (48 units) and two-bedroom (118 units) apartments, with 3 three-bedroom units available. This distribution accommodates various household sizes.
Recent projects, Sunrise Villa Apartments (2016) and Walnut Creek Estates (2020), specifically target individuals with disabilities, addressing the needs of a vulnerable population.
Troy's population increased from 15,510 in 2015 to 18,574 in 2022, a growth of 19.8%. Concurrently, the median income rose from $57,319 in 2015 to $78,154 in 2022, a 36.3% increase. Despite economic growth, the completion of new affordable housing projects in 2016 and 2020 indicates an ongoing need for such accommodations.
The racial composition of Troy has remained relatively stable. The white population decreased slightly from 93% in 2015 to 90% in 2022, while Hispanic (1% to 5%) and multi-racial (1% to 3%) populations increased marginally. This gradual diversification may influence future affordable housing planning.
Troy's LIHTC-funded affordable housing inventory has evolved over nearly three decades to address specific community needs. The recent focus on accessible housing demonstrates responsiveness to changing demographics. As Troy continues to grow and diversify, ongoing assessment of affordable housing needs will be essential to maintain a balanced and inclusive housing market for all residents.
