Festus, Missouri: LIHTC Affordable Housing Inventory and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
Festus, Missouri, a city with a population of 18,776 as of 2022, has a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The city's LIHTC inventory comprises 276 total units, with 168 designated as low-income units. Based on the estimated housing inventory of 7,194 units, the LIHTC-funded affordable housing represents approximately 3.8% of the city's total housing stock.
Festus has received $949,011 in project tax credits for affordable housing through the LIHTC program. With approximately 7 projects, this translates to an average federal funding of $135,573 per project and $3,439 per unit. Festus holds 0.27% of Missouri's total LIHTC funding, indicating a significant investment in affordable housing relative to its size.
The city's involvement with LIHTC-funded affordable housing began in 1995 with the Twin City Villa project and continued through 2015 with the completion of Bluff View Apartments. This 20-year span demonstrates a sustained commitment to affordable housing development. The 1990s saw the most activity, with three projects completed during this decade.
The LIHTC-funded housing stock in Festus offers a range of unit types, with 101 one-bedroom units, 89 two-bedroom units, and 32 three-bedroom units. This distribution accommodates various household sizes, from individuals to small families.
Over the past decade, Festus has experienced population growth, increasing from 16,402 in 2010 to 18,776 in 2022. This 14.5% population increase may have contributed to the need for additional affordable housing options. Concurrently, the median income has risen from $62,558 in 2013 to $69,955 in 2022, a 11.8% increase that outpaces inflation, potentially indicating improved economic conditions for some residents.
Racial demographics in Festus have remained relatively stable, with a slight decrease in the white population from 94% in 2013 to 89% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 1% to 3%, and those identifying as two or more races increasing from 1% to 5% during this period.
Festus, Missouri has maintained a consistent approach to affordable housing development through the LIHTC program over two decades. The current LIHTC-funded units represent a small portion of the city's estimated housing stock, providing affordable options for low-income residents. The city's demographic trends, including population growth and increasing median income, suggest an ongoing need for affordable housing options to ensure inclusive growth. The diversity of unit types in LIHTC projects reflects an effort to meet the varied housing needs of Festus's low-income population.
