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Affordable Housing Inventory Analysis in Zip Code 59715: Bozeman's LIHTC-Funded Projects
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 59715 in Bozeman, Montana, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area comprises 454 total units, with 447 designated as low-income units. The zip code spans 330.83 square miles and had an estimated population of 36,839 in 2022. Based on the national average household size of 2.61, the estimated housing inventory for this zip code is approximately 14,115 units. The LIHTC-funded affordable housing represents about 3.2% of the estimated housing inventory in this zip code.
The LIHTC projects in zip code 59715 have received $2,451,641 in tax credits, averaging $5,400 per unit in federal funding. This zip code accounts for 1.33% of the total LIHTC funding allocated to Montana. Affordable housing has been present in this zip code since at least 1996, with the completion of the Comstock Apartments. The most recent project, Larkspur Commons, was completed in 2017, indicating over two decades of LIHTC-funded housing development in the area.
The 2000s saw the most affordable housing activity, with multiple projects completed during this decade, including Aspen Meadows Apartments, Darlinton Manor, and Bridger Peaks Village. The affordable housing inventory in this zip code consists of a diverse mix of unit types. There are 32 efficiencies, 200 one-bedroom units, 123 two-bedroom units, 60 three-bedroom units, and 2 four-bedroom units, catering to various household sizes and needs.
Some projects in zip code 59715 target specific populations. The Comstock Apartments, completed in 1996, cater to individuals with handicaps, while Comstock Apartments III, completed in 2001, focuses on serving the developmentally disabled population. These specialized projects address the unique housing needs of vulnerable groups within the community.
Over the past decade, the population in this zip code has grown steadily, increasing from 29,970 in 2013 to 36,839 in 2022. This growth of over 23% indicates a rising demand for housing, including affordable options. The median income in the zip code has also seen significant growth, rising from $57,576 in 2013 to $71,797 in 2022. Despite this increase, the continued need for affordable housing suggests that income growth may not be uniform across all segments of the population.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 92% in 2013 to 87% in 2022. There has been a small increase in diversity, with modest growth in Hispanic, Asian, and multi-racial populations.
The zip code 59715 in Bozeman, Montana, has a notable LIHTC-funded affordable housing inventory, covering about 3.2% of the estimated housing stock. With projects dating back to 1996 and continuing through 2017, the area has seen sustained investment in affordable housing. The diverse mix of unit types and targeted projects for specific populations demonstrates efforts to meet various housing needs. Despite rising median incomes, the continued presence of LIHTC projects suggests an ongoing demand for affordable housing in this growing community.
