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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 59801 in Missoula, Montana, presents a case study for Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 468 units in LIHTC-funded projects, with 402 designated as low-income units. Based on the estimated housing inventory of 12,226 units, LIHTC-funded affordable housing comprises approximately 3.8% of the zip code's housing stock.
The LIHTC program has invested $2,923,195 in tax credits in this zip code. This equates to an average federal funding of about $6,246 per unit in LIHTC-funded projects. Zip code 59801 accounts for 1.59% of Montana's total LIHTC funding, indicating a concentration of affordable housing resources in this area.
Affordable housing has been a priority in this zip code for over two decades. The earliest recorded LIHTC project, Wildflower Apartments, was completed in 1994, while the most recent, California Street, was finished in 2017. The 1990s saw the most activity, with six projects completed during this decade, including Coad I, II, and III, targeting individuals with disabilities.
The LIHTC-funded housing stock in zip code 59801 offers a range of unit types. It includes 25 efficiencies, 98 one-bedroom units, 187 two-bedroom units, and 55 three-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Several projects in this zip code have specific target populations. The Coad I, II, and III projects, all completed in 1995, are designed for individuals with disabilities. This focus addresses the housing needs of vulnerable populations.
Demographic trends over the past decade show notable patterns. The population in zip code 59801 has grown from 30,936 in 2015 to 31,910 in 2022, indicating increased housing demand. Median income has risen from $39,885 in 2015 to $43,511 in 2022, potentially impacting affordable housing needs.
Racial distribution in zip code 59801 has remained relatively stable. The white population decreased slightly from 88% in 2015 to 86% in 2022, with small increases in other racial groups. This gradual diversification may influence future affordable housing strategies.
In summary, zip code 59801 demonstrates a commitment to affordable housing through the LIHTC program. With 3.8% of its estimated housing stock dedicated to LIHTC-funded affordable units, the area has addressed low-income housing needs. The long-term presence of these projects, diverse unit types, and attention to specific populations reflect a multifaceted approach to affordable housing. As the area grows and diversifies, ongoing monitoring of demographic trends will be crucial for aligning future affordable housing initiatives with community needs.