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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Grand Rapids, Michigan's second-largest city, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The LIHTC program has contributed 3,900 total units, with 3,085 designated as low-income units. This represents approximately 5.17% of the city's estimated housing stock of 75,442 units.
Grand Rapids has received $33,649,818 in project tax credits through the LIHTC program. With approximately 78 projects, this translates to an average federal funding of $431,408 per project and $8,628 per unit. The city holds 11.45% of Michigan's total LIHTC funding, indicating a substantial investment in affordable housing within Grand Rapids.
The LIHTC program has been active in Grand Rapids since 1987, with the "1702 Eastern Ave Se" project marking the beginning of this initiative. The most recent project listed is "Garfield Park Lofts," completed in 2019, demonstrating over three decades of affordable housing development in the city.
The 2010s saw the most significant affordable housing development activity. Notable projects from this period include "Reflections Senior" (2012), "Herkimer Apartments-Division Avenue" (2013), and "Diamond Place" (2018).
The LIHTC-funded housing stock in Grand Rapids is diverse, featuring 356 efficiencies, 1,615 one-bedroom units, 872 two-bedroom units, 345 three-bedroom units, and 31 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
One project of note is the "Herkimer Apartments-Division Avenue," which specifically targets the developmentally disabled population, addressing the unique housing needs of this vulnerable group.
Grand Rapids has experienced population growth, rising from 188,214 in 2010 to 196,904 in 2022. The median income has also increased significantly, from $41,669 in 2013 to $65,660 in 2022. This economic growth may have influenced the continued development of affordable housing to maintain accessibility for lower-income residents.
Racial demographics have remained relatively stable, with a slight increase in diversity. The white population decreased from 61% in 2015 to 57% in 2021, while the Hispanic population increased from 15% to 17% between 2013 and 2019. This demographic shift may have influenced the focus on diverse and inclusive affordable housing options.
Grand Rapids has made substantial investments in affordable housing through the LIHTC program, with over 3,900 units developed since 1987. The city's share of 11.45% of Michigan's LIHTC funding underscores its commitment to addressing affordable housing needs. The diverse unit types and targeted projects, such as those for the developmentally disabled, demonstrate efforts to cater to various low-income populations. While the LIHTC-funded units cover about 5.17% of the estimated housing stock, continued investment in affordable housing remains crucial as the city experiences population growth and rising median incomes.