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Affordable Housing in Zip Code 59847: Analysis of LIHTC Funding in Lolo, Montana
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 59847, located in Lolo, Montana, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 4 total affordable units, all of which are designated as low-income units. Based on the 2022 population of 5,180 and using the national average household size of 2.61, there are approximately 1,985 housing units in the zip code. The LIHTC-funded affordable housing comprises about 0.2% of the estimated housing inventory in this area.
The LIHTC program has provided $619,754 in tax credits for affordable housing projects in zip code 59847. This equates to an average federal funding of $154,938 per unit. This zip code accounts for 0.34% of the total LIHTC funding allocated to Montana.
The Lolo Vista Apartments, completed in 2011, is the only LIHTC-funded project in zip code 59847. This development marks the introduction of LIHTC-supported affordable housing in the area, which has been present for over a decade. The Lolo Vista Apartments consist of 4 units, with an equal distribution of two 2-bedroom units and two 3-bedroom units. This configuration indicates a focus on accommodating small to medium-sized families in the area.
Over the past decade, the population in zip code 59847 has demonstrated steady growth, increasing from 4,157 in 2013 to 5,180 in 2022. The median income has fluctuated, reaching a peak of $73,886 in 2014 and settling at $65,316 in 2022. Despite these changes, there has not been an increase in LIHTC-funded affordable housing since the Lolo Vista Apartments were constructed in 2011.
The racial composition of zip code 59847 has remained predominantly white, consistently above 90% throughout the decade. There has been a minor increase in diversity, with small percentages of Asian, Hispanic, and multiracial residents emerging in recent years.
Zip code 59847 in Lolo, Montana, has a small LIHTC-funded affordable housing inventory, consisting of a single project with 4 units. This represents a small fraction of the estimated housing stock in the area. The zip code has experienced population growth and income fluctuations over the past decade, but these changes have not resulted in additional LIHTC-funded developments since 2011. The area remains predominantly white, with slight increases in racial diversity in recent years.
