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Belmont's Affordable Housing: LIHTC Developments and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Belmont, a neighborhood in Lincoln, Nebraska, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 138 total units, with 99 designated as low-income units. Based on the 2022 population of 8,336 and an estimated 3,194 housing units, LIHTC-funded affordable housing comprises approximately 4.3% of the neighborhood's estimated housing inventory.
The LIHTC program has made substantial investments in Belmont, with project tax credits totaling $2,105,354. This equates to an average federal funding of about $15,256 per unit in LIHTC-funded projects. The neighborhood has experienced consistent development of affordable housing over several decades, with the first LIHTC project, Aspen Haus, completed in 1989, and the most recent, Glenbrook Townhouses, finished in 2014. This 25-year span indicates a long-term commitment to affordable housing in Belmont.
The 1990s saw the completion of two projects: Portia Place Townhouses in 1992 and Paul Vi Heights in 1997. The 2010s marked increased activity with three projects: Northglen Apts (2010), Progress For People II (2011), and Glenbrook Townhouses (2014). This decade represents the most active period for LIHTC development in Belmont. Although detailed unit breakdowns are limited, it is known that the LIHTC projects include at least 45 two-bedroom units and 28 three-bedroom units, indicating a focus on accommodating families of various sizes.
Over the past decade, Belmont has experienced notable demographic shifts. The population has grown from 7,314 in 2014 to 8,336 in 2022, a 14% increase. During this period, the median income fluctuated, peaking at $55,034 in 2018 before declining to $51,530 in 2022. This income trend may indicate an ongoing need for affordable housing options.
Racial diversity in Belmont has increased significantly. The white population decreased from 77% in 2014 to 63% in 2022, while other racial groups saw increases. Notably, the Black population rose from 6% to 9%, the Hispanic population from 9% to 12%, and those identifying as two or more races increased from 3% to 9%. This growing diversity may influence future affordable housing needs and designs.
Belmont's LIHTC-funded affordable housing inventory, while covering a small percentage of the estimated housing stock, represents a consistent effort to provide affordable options over the past three decades. The neighborhood has seen significant demographic changes, including population growth, income fluctuations, and increased racial diversity. These trends, coupled with the consistent development of LIHTC projects, suggest an ongoing commitment to addressing affordable housing needs in Belmont. The variety in unit sizes within LIHTC projects indicates efforts to accommodate diverse household compositions, aligning with the neighborhood's changing demographics.
