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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 59870, located in Stevensville, Montana, contains a single Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This zip code has a total of 30 units in LIHTC funded projects, with 3 of these designated as low-income units. Based on the 2022 population of 12,065 and an estimated 4,623 housing units, the LIHTC funded affordable housing covers approximately 0.65% of the zip code's estimated housing inventory.
The LIHTC program has invested $38,033 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of $1,268 per unit. Zip code 59870 accounts for 2% of Montana's total LIHTC funding allocation.
The sole LIHTC project in this area, Burnt Fork Manor, was completed in 1991, marking over three decades of affordable housing presence in the zip code. This project consists of 26 one-bedroom units and 4 two-bedroom units, catering to a range of household sizes. Burnt Fork Manor specifically targets the handicapped population, addressing the housing needs of this demographic.
Over the past decade, zip code 59870 has experienced population growth, increasing from 10,139 in 2015 to 12,065 in 2022. The median income has also risen, from $55,482 in 2015 to $61,202 in 2022, indicating economic improvement in the area. The racial composition has remained relatively stable, with the white population consistently representing over 90% of residents. There has been a slight increase in diversity, with small increases in Hispanic and multiracial populations.
Despite these demographic changes, no new LIHTC projects have been developed in the last decade. This could be due to the rising median income, which may have reduced the perceived need for additional low-income housing. However, the population growth might suggest a potential need for more affordable housing options in the future.
Zip code 59870 has a single LIHTC funded project, Burnt Fork Manor, which has been providing affordable housing options, particularly for handicapped residents, since 1991. While this project contributes to the area's affordable housing stock, it represents a small percentage of the total estimated housing inventory. The zip code has experienced population growth and increased median income over the past decade, which may influence future affordable housing needs. The lack of recent LIHTC developments, despite demographic changes, suggests that a reassessment of affordable housing requirements in this area might be beneficial.