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Affordable Housing in Zip Code 59247: LIHTC's Impact on Medicine Lake, Montana
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Medicine Lake, located in zip code 59247 in Montana, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 4 low-income units. These units constitute approximately 4.44% of the estimated 90 housing units in the zip code, based on the 2022 population of 235 and the national average household size of 2.61.
The LIHTC program has provided $37,230 in project tax credits for affordable housing in zip code 59247. This amounts to an average federal funding of $9,307.50 per unit. The zip code accounts for 0.02% of Montana's total LIHTC funding, indicating a relatively small portion of the state's overall affordable housing investment.
The Lake Apartments, completed in 1991, is the sole LIHTC funded project in zip code 59247. This project has offered affordable housing options in the area for over three decades. It consists of 4 units, all designated as low-income units, with 2 one-bedroom units and 2 two-bedroom units, accommodating different household sizes within the low-income community.
The population in zip code 59247 has shown overall growth, increasing from 197 in 2014 to 235 in 2022. The median income has also risen, from $52,417 in 2014 to $57,399 in 2022, potentially indicating a changing economic landscape in the area.
Racial demographics in zip code 59247 have remained relatively stable, with the white population consistently representing the majority. There has been a slight increase in diversity, with the Hispanic population growing from 1% in 2014 to 6% in 2022, and residents identifying as two or more races increasing from 5% to 6% over the same period.
The LIHTC program has contributed to providing affordable housing options in zip code 59247, with the Lake Apartments project supplying 4 low-income units to the area's housing inventory. While this represents a small percentage of the estimated housing units, it has been a consistent presence for over 30 years. The area has experienced moderate population growth and income increases over the past decade, along with slight increases in racial diversity. These demographic shifts may influence future affordable housing needs in zip code 59247.
