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Baltimore's LIHTC Program: A Three-Decade Commitment to Affordable Housing
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Baltimore, Maryland's largest city, utilizes the Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The LIHTC program has funded 15,235 total units in Baltimore, with 13,365 designated as low-income units. This represents approximately 7% of the city's estimated housing inventory of 218,364 units, indicating a significant contribution to the affordable housing landscape.
Baltimore has received $50,482,317 in project tax credits for affordable housing through the LIHTC program. With approximately 212 projects, this translates to an average of $238,125 in federal funding per project and about $3,313 per unit. Baltimore holds 34.89% of Maryland's total LIHTC funding, demonstrating its substantial share of the state's affordable housing initiatives.
The city's commitment to affordable housing through LIHTC spans over three decades. The first project, Bruce Street, was completed in 1987, while the most recent recorded project, Monument East Apartments, was finished in 2019. The 1990s saw a significant increase in affordable housing development, with numerous projects completed during this decade.
Baltimore's LIHTC-funded housing stock offers a diverse range of unit types. The inventory includes 532 efficiencies, 5,014 one-bedroom units, 1,714 two-bedroom units, 675 three-bedroom units, and 132 four-bedroom units. This distribution caters to various household sizes and needs within the low-income population.
Some LIHTC projects target specific populations. Projects completed in 2018, such as Key's Pointe Residences-Phase 1B and McCulloh Homes Extension, focus on veterans. Other projects, like Greens at Irvington Mews (2012) and Heritage Crossing II (2018), are designed for individuals with special needs.
Demographic trends over the past decade reveal correlations with LIHTC development. Baltimore's population has declined from 620,583 in 2010 to 569,931 in 2022. Despite this decrease, the median income has increased from $42,266 in 2013 to $55,198 in 2022. This income growth may influence the ongoing need for affordable housing options.
Racial demographics have remained relatively stable, with a slight decrease in the Black population (from 63% in 2013 to 60% in 2022) and a small increase in the Hispanic population (from 5% to 6%). These minor shifts may factor into the planning and distribution of affordable housing projects.
In conclusion, Baltimore's LIHTC-funded affordable housing inventory represents a significant portion of the city's housing stock. The program has consistently contributed to the city's affordable housing landscape over three decades, adapting to changing demographics and targeting specific populations. Despite population decline, rising median incomes and subtle shifts in racial demographics continue to shape the city's affordable housing needs.
