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Affordable Housing in Zip Code 59102: A Three-Decade Overview of LIHTC Projects in Billings, Montana
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 59102 in Billings, Montana contains a diverse Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area encompasses 378 total units in LIHTC funded projects, with 233 of these designated as low-income units. Based on the estimated 18,608 housing units in the zip code, the LIHTC funded affordable housing comprises approximately 2% of the zip code's housing inventory.
The LIHTC projects in zip code 59102 have received $1,122,945 in project tax credits, averaging about $2,971 in federal funding per unit. This zip code holds 0.61% of Montana's total LIHTC funding, indicating a relatively small but significant portion of the state's affordable housing investment.
Affordable housing has been present in zip code 59102 for nearly three decades. The first LIHTC project, Shiloh Glen Apartments, was completed in 1994, and the most recent, South Forty, was finished in 2008. The 2000s saw the most affordable housing development, with three out of four projects completed during this decade.
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The LIHTC funded housing in zip code 59102 offers a mix of unit types, including 2 efficiencies, 88 one-bedroom units, 171 two-bedroom units, and 18 three-bedroom units. This distribution suggests a focus on accommodating small families and individuals.
Over the past decade, the population in zip code 59102 has remained relatively stable, fluctuating between 45,544 and 49,077 residents. The median income has shown a significant increase, rising from $59,180 in 2018 to $67,754 in 2022. This upward trend in income might explain the lack of new LIHTC projects since 2008, as the area's economic profile may have shifted.
The racial composition of zip code 59102 has remained predominantly white, though there has been a slight increase in diversity. The Hispanic population has grown from 2% in 2013 to 6% in 2022, while the percentage of residents identifying as two or more races increased from 0% to 3% during the same period.
Zip code 59102 in Billings, Montana has a modest LIHTC funded affordable housing inventory, covering about 2% of the estimated housing units. The area saw significant affordable housing development in the 2000s, with a mix of unit types catering to various household sizes. While no new LIHTC projects have been completed since 2008, the zip code has experienced rising median incomes and slight increases in racial diversity over the past decade. These demographic shifts may have influenced the recent patterns in affordable housing development in the area.
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