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Lake of the Woods: Affordable Housing Trends and LIHTC Impact in Arizona
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lake of the Woods, Arizona, maintains a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The community has 99 affordable housing units, all categorized as low-income. These units represent approximately 9.2% of the city's estimated 1,079 housing units.
Lake of the Woods has received $327,918 in project tax credits through the LIHTC program. With three approximate projects, this equates to an average of $109,306 in federal funding per project. The average federal funding per unit is $3,312. Lake of the Woods accounts for 0.16% of the total state LIHTC funding, indicating a relatively small portion of Arizona's affordable housing resources.
The city's affordable housing development spans from 1990 to 2016, with Rainbow Lake Apts as the first project and Rodeo Court (formerly Homestead West) as the most recent. This 26-year period demonstrates a sustained commitment to affordable housing in the community. The 1990s experienced the most affordable housing activity, with two projects completed during that decade.
The affordable housing inventory in Lake of the Woods comprises 16 one-bedroom units, 58 two-bedroom units, and 16 three-bedroom units. This distribution indicates a focus on accommodating small to medium-sized families.
Lake of the Woods has experienced population fluctuations over the past decade, with a general downward trend from 3,310 in 2012 to 2,816 in 2022. The median income has also varied, peaking at $73,918 in 2021 before decreasing to $48,754 in 2022. These economic changes may influence the demand for affordable housing in the area.
The racial composition of Lake of the Woods has remained relatively stable, with a predominantly white population (76% in 2022) and a significant Hispanic presence (20% in 2022). The consistent racial distribution suggests that the existing affordable housing projects continue to serve a diverse community.
Lake of the Woods's LIHTC-funded affordable housing inventory, while modest, contributes to addressing the community's housing needs. The 99 low-income units represent nearly 10% of the estimated housing stock, supporting the city's affordable housing objectives. The long-standing presence of LIHTC projects since 1990 demonstrates a sustained effort to provide affordable housing options. As the city's demographics and economic conditions continue to evolve, ongoing assessment of affordable housing needs will be crucial to ensure adequate support for low-income residents.
