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Mishawaka's LIHTC Program: A Cornerstone of Affordable Housing in the Princess City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Mishawaka, Indiana, known as the "Princess City," maintains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 626 total units in LIHTC-funded projects, with 568 designated as low-income units. Based on the 2022 population of 59,119 and an estimated 22,651 housing units, LIHTC-funded affordable housing comprises approximately 2.76% of the city's estimated housing inventory.
Mishawaka has received $18,553,039 in project tax credits through the LIHTC program. With approximately 8 projects, this averages to about $2,319,130 per project. The average federal funding per unit is approximately $29,637. Mishawaka holds 4.32% of Indiana's total LIHTC funding, indicating a significant investment in affordable housing for a city of its size.
The first LIHTC project in Mishawaka, Bittersweet Pointe, was completed in 1993, while the most recent project, Silver Birch of Mishawaka, was finished in 2019. This 26-year span demonstrates a long-term commitment to affordable housing in the city. The 2000s saw the most activity in LIHTC projects, with notable developments including Arbors at Ironwood Apartments I and II in 2001, and The Preserve at Fir Road in 2008.
The LIHTC-funded housing in Mishawaka offers a diverse range of unit types. Of the 626 total units, there are 137 efficiencies, 112 one-bedroom units, 228 two-bedroom units, 122 three-bedroom units, and 22 four-bedroom units. This distribution caters to various household sizes and needs within the low-income population.
Over the past decade, Mishawaka's population has grown steadily, increasing from 55,456 in 2014 to 59,119 in 2022. This 6.6% growth may have contributed to the need for additional affordable housing, as evidenced by the completion of Silver Birch of Mishawaka in 2019.
Median income in Mishawaka has fluctuated but shown an overall increase from $46,621 in 2014 to $54,191 in 2022, a 16.2% rise. Despite this increase, the continued development of LIHTC projects suggests an ongoing need for affordable housing options.
Racial demographics in Mishawaka have shifted slightly, with the white population decreasing from 84% in 2014 to 79% in 2022. Concurrently, there have been small increases in Black, Hispanic, and multi-racial populations. This growing diversity may influence the types of affordable housing needed in the community.
Mishawaka's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. With a consistent history of LIHTC project development spanning nearly three decades, the city has demonstrated an ongoing commitment to providing affordable housing options. The diverse range of unit types suggests an effort to meet the varied needs of low-income residents. As Mishawaka continues to grow and diversify, the LIHTC program remains an important tool in addressing the city's affordable housing needs.
