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Affordable Housing Prevalence in McCoy: LIHTC's Three-Decade Impact on Independence, Missouri Neighborhood
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 McCoy neighborhood in Independence, Missouri, exhibits a substantial concentration of affordable housing funded through the Low-Income Housing Tax Credit (LIHTC) program. This area contains 339 total units in LIHTC-funded projects, with 337 designated as low-income units. Given the 2022 population of 1,392 and an estimated 533 housing units, LIHTC-funded affordable housing comprises the majority of the neighborhood's housing inventory, indicating a significant dedication to affordable housing in this locality.
The LIHTC program has allocated $1,749,021 in tax credits for affordable housing projects in McCoy, averaging approximately $5,159 per unit in federal funding. The neighborhood's affordable housing development spans over three decades, commencing with the "901-903 North Lynn" project in 1988 and continuing through to the "North Creek Estates" project completed in 2019. The 2010s marked the most substantial period of affordable housing growth, with three out of four projects finalized during this decade.
The housing inventory in McCoy primarily consists of one-bedroom units (291), followed by two-bedroom units (46), and a limited number of three-bedroom units (2). This distribution suggests a focus on accommodating smaller households or individuals. The "North Creek Estates" project, completed in 2019, specifically targets the handicapped population, indicating efforts to address the needs of residents with disabilities.
McCoy's population has fluctuated over the past decade, peaking at 1,843 in 2017 and reaching a low of 1,258 in 2020. The median income has displayed volatility, attaining a high of $37,513 in 2019 but decreasing to $27,677 in 2022. This recent decline in median income may suggest an ongoing need for affordable housing options.
The racial composition of McCoy has remained predominantly white, with the percentage increasing from 68% in 2013 to 88% in 2022. The Black population has decreased from 16% in 2013 to 8% in 2022, while the Hispanic population has remained relatively stable at around 1-2%. The completion of two LIHTC projects in 2018 and 2019 coincides with a period of relative racial stability in the neighborhood.
The McCoy neighborhood demonstrates a strong commitment to affordable housing through its LIHTC-funded projects. These developments encompass a significant portion of the estimated housing inventory, providing essential low-income units to the community. The area has experienced consistent investment in affordable housing over three decades, with a particular emphasis on one-bedroom units. The most recent project's focus on accommodating handicapped residents illustrates efforts to address diverse housing needs. While the neighborhood has experienced fluctuations in population and median income, the continued development of affordable housing aligns with the community's demographic trends and potential economic challenges.
