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Affordable Housing in Waunona: LIHTC's Impact on a Changing Madison 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
Waunona, a neighborhood in Madison, Wisconsin, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 153 total units in LIHTC-funded projects, with 76 of these designated as low-income units. Based on the 2022 population of 3,018 and the national average household size, the estimated housing inventory for Waunona is approximately 1,156 units. The LIHTC-funded affordable housing represents about 13.2% of the estimated housing stock, which is a substantial contribution to the neighborhood's affordable housing needs.
The LIHTC program has invested $531,682 in tax credits for affordable housing projects in Waunona. With 153 total units in LIHTC-funded projects, this translates to an average federal funding of approximately $3,475 per unit.
The first LIHTC project in Waunona, Madison Community Reinvestment, was completed in 1998, while the most recent, Madison On Broadway, was finished in 2018. This 20-year span demonstrates a long-term commitment to affordable housing in the neighborhood. The 1990s saw the most affordable housing activity, with two projects completed during this decade: Madison Community Reinvestment (1998) and Monona Shores Redevelopment (1999).
The affordable housing inventory in Waunona is diverse, comprising 28 one-bedroom units, 37 two-bedroom units, and 16 three-bedroom units. This mix caters to various household sizes and needs within the community.
Over the past decade, Waunona has experienced some demographic shifts. The population increased from 2,526 in 2020 to 3,018 in 2022, a growth of about 19.5%. During this period, median income fluctuated, rising from $70,625 in 2020 to $91,894 in 2021, before decreasing to $68,217 in 2022.
Racial demographics have also changed slightly. The white population decreased from 75% in 2020 to 71% in 2022, while the Hispanic population increased from 6% to 16% during the same period. The Black population remained relatively stable, decreasing slightly from 15% to 9%.
The most recent LIHTC project, Madison On Broadway, was completed in 2018. This aligns with a period of population growth and income fluctuation, suggesting a response to changing housing needs in the community.
Waunona's LIHTC-funded affordable housing represents a significant portion of its estimated housing stock, contributing to the neighborhood's diversity and accessibility. The area has seen consistent investment in affordable housing over two decades, with projects adapting to changing demographic needs. The mix of unit sizes and the substantial federal investment per unit demonstrate a commitment to providing quality affordable housing options. As Waunona continues to experience demographic changes, particularly in population growth and racial composition, the existing LIHTC projects play a crucial role in maintaining housing affordability and accessibility in the neighborhood.
