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Affordable Housing in West Yellowstone: LIHTC's Impact on a Changing Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
West Yellowstone, Montana, a town near Yellowstone National Park, has 39 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, represent approximately 7.5% of the town's estimated 518 housing units. The town has received $178,193 in LIHTC project tax credits, averaging $178,193 per project and $4,569 per unit. This funding accounts for 0.1% of Montana's total state LIHTC allocation.
The Madison Apartments, completed in 1997, is the only LIHTC project in West Yellowstone. This 39-unit development has provided affordable housing for over 25 years, consisting of 14 one-bedroom and 25 two-bedroom units for low-income residents.
West Yellowstone's population has fluctuated over the past decade, decreasing from 1,712 in 2013 to 1,353 in 2022. The median income has varied significantly, peaking at $67,161 in 2021 before declining to $46,615 in 2022. Racial demographics have also shifted, with the white population decreasing from 98% in 2019 to 63% in 2022, while the Hispanic population increased from 0% to 30% during the same period. The Asian population grew slightly from 1% to 3%.
Despite these demographic changes, no new LIHTC projects have been developed in West Yellowstone in the last decade. This lack of new development may be attributed to various factors, including changes in funding priorities or the perception that existing affordable housing stock is sufficient for the town's needs.
West Yellowstone's LIHTC funded affordable housing, while modest in scale, provides 39 low-income units through the Madison Apartments project, representing about 7.5% of the estimated housing stock. The town has experienced demographic shifts in recent years, including population fluctuations, income variability, and increased racial diversity. However, no new LIHTC projects have been developed since 1997, suggesting that other factors may be influencing affordable housing development in the area.
