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Farmington, Arkansas: Two Decades of LIHTC-Funded 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
Farmington, Arkansas, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory comprising 72 units, all designated as low-income. As of 2022, the city's population was estimated at 11,605. Based on the national average household size, Farmington's estimated housing inventory is approximately 4,446 units. The LIHTC funded affordable housing represents about 1.62% of the estimated housing units in Farmington.
Farmington has received $653,138 in project tax credits from the LIHTC program. With approximately two projects, this translates to an average federal funding of $326,569 per project. The average federal funding per unit is about $9,071. Farmington holds 0.41% of the total state LIHTC funding, indicating a relatively small share of Arkansas's affordable housing resources.
The city's LIHTC-funded affordable housing development spans nearly two decades, with the first project, Village Lane, completed in 1993, and the most recent project, Savannah Park Of Farmington (Village Lane), finished in 2013. This 20-year period demonstrates a long-term commitment to providing affordable housing in Farmington. The 1990s and 2010s each saw the completion of one affordable housing project, showing a consistent, albeit limited, development of LIHTC-funded housing over time.
Farmington's LIHTC-funded housing stock consists primarily of one-bedroom units (56) and two-bedroom units (16). This distribution suggests a focus on accommodating smaller households or individuals.
Over the past decade, Farmington has experienced population growth, with the number of residents increasing from 9,603 in 2013 to 11,605 in 2022. This growth of approximately 20.8% may indicate an increasing demand for housing, including affordable options. The median income in Farmington has shown an upward trend, rising from $59,868 in 2013 to $77,441 in 2022. Despite this increase, the presence of LIHTC-funded housing suggests a continued need for affordable options for lower-income residents.
Regarding racial demographics, Farmington has maintained a predominantly white population, though there has been a slight decrease from 87% in 2013 to 81% in 2022. The Hispanic population has seen a modest increase from 3% to 8% during this period, while other racial groups have remained relatively stable or shown small increases.
Farmington's LIHTC-funded affordable housing inventory, while small in comparison to the overall estimated housing stock, provides 72 low-income units across two projects. The city has received over $650,000 in tax credits for these developments, which span two decades. The housing stock is primarily composed of one- and two-bedroom units, potentially catering to smaller households. Despite rising median incomes and population growth over the past decade, the presence of these LIHTC projects indicates an ongoing need for affordable housing options in Farmington.
