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LIHTC-Funded Affordable Housing Dominates Bow & Arrow Acres in Flagstaff
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Bow & Arrow Acres, a neighborhood in Flagstaff, Arizona, demonstrates a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood contains 344 units in LIHTC funded projects, with 343 designated as low-income units. Based on the 2022 population of 1,648 and estimated 631 housing units, LIHTC funded affordable housing comprises approximately 54.5% of the neighborhood's estimated housing inventory. This high proportion indicates that LIHTC funded projects are crucial in providing affordable housing options in Bow & Arrow Acres.
The LIHTC program has invested substantially in Bow & Arrow Acres, with project tax credits totaling $1,190,443. This equates to an average federal funding of approximately $3,460 per unit in LIHTC funded projects. The neighborhood has maintained a consistent presence of affordable housing, with projects spanning from 2000 to 2010. This decade-long period demonstrates a sustained commitment to affordable housing in the area.
LIHTC funded projects in Bow & Arrow Acres offer a diverse range of unit types. The inventory includes 88 one-bedroom units, 100 two-bedroom units, and 129 three-bedroom units. This distribution suggests an emphasis on accommodating various household sizes, with a slight focus on larger family units.
Over the past decade, Bow & Arrow Acres has experienced population fluctuations, with a notable increase from 906 in 2019 to 1,648 in 2022. The median income has shown an overall upward trend, rising from $33,351 in 2013 to $41,488 in 2022, despite some yearly fluctuations.
The racial composition of the neighborhood has changed over the years. The proportion of White residents decreased from 59% in 2013 to 45% in 2022, while the Native American population increased from 21% to 28% during the same period. The Hispanic population has remained relatively stable, fluctuating between 13% and 27% over the decade.
These demographic shifts, particularly the increase in population and the changes in racial composition, may indicate evolving housing needs in the neighborhood. The consistent presence of LIHTC funded projects over the years suggests an ongoing effort to address these changing needs and maintain affordable housing options for the diverse community.
Bow & Arrow Acres presents a case of substantial LIHTC funded affordable housing presence, covering over half of the estimated housing inventory. The neighborhood has benefited from consistent investment in affordable housing projects over at least a decade, with a diverse range of unit types catering to different household sizes. The demographic trends, including population growth and shifts in racial composition, underscore the importance of maintaining and potentially expanding affordable housing options to meet the evolving needs of this dynamic community.
