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Kearney's Affordable Housing: A Quarter-Century of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Kearney, Nebraska, has developed a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city contains 378 total units in LIHTC-funded projects, with 284 designated as low-income units. These affordable housing units constitute approximately 2.96% of the estimated 12,787 housing units in Kearney, based on the 2022 population and national average household size.
Kearney has received $2,776,343 in project tax credits through the LIHTC program. With approximately 12 projects, this averages to about $231,362 per project or $7,345 per unit. The city holds 2.35% of Nebraska's total LIHTC funding, indicating a substantial investment in affordable housing for a city of its size.
The LIHTC program in Kearney spans 25 years, with the first project, Castle Heights, completed in 1991, and the most recent, Judy Meadows, finished in 2016. The 2000s saw the most activity, with multiple projects completed during this decade, including Village At Kearney (2004), Village Plaza (2005), and Kearney Plaza Homes (2006). The available data shows a mix of unit types, with 36 one-bedroom, 43 two-bedroom, and 72 three-bedroom units, catering to various household sizes and needs within the low-income population.
Kearney's population has grown moderately over the past decade, from 32,159 in 2013 to 33,374 in 2022. The median income has also increased, rising from $58,235 in 2013 to $63,903 in 2022. This economic growth may have influenced the need for affordable housing options.
Racial demographics in Kearney have remained relatively stable, with a slight decrease in the white population from 87% in 2013 to 84% in 2022, and a small increase in Hispanic residents from 7% to 10%. The Asian population doubled from 1% to 2%, while other racial groups remained consistent. This gradual diversification may impact future affordable housing needs and planning.
Kearney's LIHTC-funded affordable housing inventory represents a significant effort to provide low-income housing options. With 378 total units, including 284 low-income units, spread across approximately 12 projects, the city has maintained a consistent focus on affordable housing development over 25 years. These units cover only a small percentage of the estimated housing stock but represent a substantial investment in addressing the needs of lower-income residents. The city's changing demographics and rising median income suggest an evolving landscape that may influence future affordable housing strategies.
