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Affordable Housing in Wheaton: Three Decades of LIHTC-Funded 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
Wheaton, Maryland, is a suburban community north of Washington, D.C., with a population of 53,780 as of 2022 and an area of 6.94 square miles. The Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory in Wheaton consists of 1,224 total units, with 872 designated as low-income units. This represents approximately 5.9% of the city's estimated housing stock of 20,605 units.
Wheaton has received $720,535 in project tax credits through the LIHTC program. With five projects, this equates to an average federal funding of $144,107 per project and $588 per unit. Wheaton holds 0.5% of Maryland's total state LIHTC funding.
The city's affordable housing development spans nearly three decades. The first LIHTC project, Rock Creek Terrace, was completed in 1988, and the most recent, Arcola Towers, in 2017. The 2000s were the most active period for affordable housing development, with three projects completed: Pembridge Square Apts (2004), Georgian Woods (2007), and Wheaton Metro Kiss & Ride (2008).
The LIHTC funded housing inventory in Wheaton includes a diverse mix of unit types: 5 efficiencies, 199 one-bedroom units, 103 two-bedroom units, and 20 three-bedroom units. This distribution caters to various household sizes and needs within the low-income population.
Wheaton's population has grown steadily over the past decade, increasing from 49,575 in 2013 to 53,780 in 2022, representing an 8.5% growth. This population increase may have contributed to the need for additional affordable housing, as evidenced by the completion of Arcola Towers in 2017.
Median income in Wheaton has fluctuated, reaching a peak of $106,280 in 2021 before decreasing to $89,836 in 2022. This recent decline in median income could potentially increase demand for affordable housing options in the future.
Racial demographics in Wheaton have remained relatively stable, with a slight increase in the Hispanic population from 40% in 2013 to 43% in 2022. The Asian and White populations have seen small decreases, while the Black population has remained relatively constant. This diversity underscores the importance of providing affordable housing options that cater to various cultural needs and preferences.
Wheaton's LIHTC funded affordable housing inventory plays a significant role in addressing the city's housing needs, covering nearly 6% of the estimated housing stock. The city has seen consistent investment in affordable housing over the past three decades, with the most active period being the 2000s. The diverse mix of unit types caters to various household sizes, reflecting the community's needs. As Wheaton continues to grow and evolve demographically, ongoing attention to affordable housing development will be crucial in maintaining a balanced and inclusive community.
