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Affordable Housing in Unity: LIHTC Impact on Waterloo Neighborhood
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Unity neighborhood in Waterloo, Iowa, features a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 22 units in LIHTC-funded projects, including 4 designated low-income units. This represents approximately 6.3% of the estimated 350 housing units in the area, indicating a commitment to providing affordable housing options.
The LIHTC program has made a substantial investment in Unity, with project tax credits totaling $950,717. This equates to an average federal funding of about $43,214 per unit in LIHTC-funded projects. The affordable housing inventory in the neighborhood includes a variety of unit sizes: 13 two-bedroom units, 2 three-bedroom units, and 7 four-bedroom units, accommodating different household sizes and needs.
Unity Square, completed in 2010, is the primary LIHTC project in the neighborhood. This development marks over a decade of LIHTC-funded affordable housing presence in Unity. The implementation of this affordable housing initiative in the 2010s has contributed to the neighborhood's housing diversity.
The Unity neighborhood has experienced population fluctuations over the past decade, with the most recent data indicating 914 residents in 2022. Median income in the area has varied between $22,272 and $28,949 from 2013 to 2022, suggesting an ongoing need for affordable housing options.
Racial demographics in Unity have remained relatively stable, with a predominantly Black population. The percentage of Black residents has ranged from 77% to 88% over the past decade, while the White population has varied between 6% and 15%. This demographic composition underscores the importance of maintaining affordable housing options to support community stability and diversity.
The Unity neighborhood in Waterloo, Iowa, demonstrates a commitment to affordable housing through its LIHTC-funded projects. With 22 units, including 4 low-income units, the neighborhood has utilized significant federal funding to address housing needs. The diversity in unit sizes reflects an effort to accommodate various household compositions. While the LIHTC-funded units represent a modest portion of the estimated housing inventory, they play a crucial role in providing affordable options. The neighborhood's demographic trends, including fluctuating incomes and a stable racial composition, highlight the ongoing importance of maintaining and potentially expanding affordable housing initiatives to meet community needs.
