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Affordable Housing in Watertown: LIHTC Program's Impact on a Changing City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Watertown, Wisconsin, a city established in the mid-19th century, has incorporated Low-Income Housing Tax Credit (LIHTC) funded affordable housing into its residential landscape. The city's LIHTC inventory comprises 204 total units, of which 98 are designated as low-income units. This represents approximately 2.11% of Watertown's estimated 9,659 housing units.
Watertown has received $1,542,630 in project tax credits for affordable housing through the LIHTC program. With approximately 5 projects, this equates to an average federal funding of $308,526 per project and $7,562 per unit. Watertown's allocation accounts for 0.65% of Wisconsin's total LIHTC funding.
The city's engagement with LIHTC funded affordable housing spans from 1989 to 2014. The initial project, Watertown Meadows, was completed in 1989, while the most recent addition, The Globe Apartments, was finished in 2014. This 25-year period indicates a consistent commitment to affordable housing development in Watertown.
The 2000s witnessed the most activity in affordable housing construction, with three projects completed during this decade: Highland Village Apts (2001), Highland Apts II (2003), and River Mill Sr Residences (2010).
The LIHTC funded housing stock in Watertown offers a variety of unit types. The inventory includes 62 one-bedroom units, 101 two-bedroom units, and 14 three-bedroom units, addressing the needs of different household sizes.
Watertown's population has remained relatively stable over the past decade, with a slight decrease from 25,830 in 2010 to 25,210 in 2022. The median income has shown minor fluctuation, increasing from $57,265 in 2013 to $58,741 in 2022.
The racial composition of Watertown has undergone changes. The white population has decreased from 91% in 2013 to 86% in 2022, while the Hispanic population has increased from 4% to 10% during the same period. This demographic shift may indicate an evolving need for diverse affordable housing options.
Watertown's LIHTC funded affordable housing inventory, while modest in scale, represents a sustained effort to provide low-income housing options over the past three decades. The city's allocation of 0.65% of Wisconsin's LIHTC funding has resulted in 204 units, with nearly half designated as low-income. The demographic trends, including a stable population and increasing diversity, suggest a continued need for affordable housing options in the community. As Watertown continues to evolve, monitoring these trends will be essential in addressing future affordable housing needs.
