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Missoula's LIHTC Program: A Cornerstone of Affordable Housing 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
Missoula, Montana, has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city's LIHTC program has contributed to the development of 1,086 total units, with 902 designated as low-income units. Based on the estimated housing inventory of 29,487 units, LIHTC-funded affordable housing covers approximately 3.68% of the city's housing stock.
Missoula has received $25,792,253 in project tax credits through the LIHTC program. With approximately 30 projects, this translates to an average of $859,742 in federal funding per project. The average federal funding per unit is $23,749. Missoula holds 14.01% of Montana's total LIHTC funding, indicating a substantial commitment to affordable housing within the state.
The city's LIHTC-funded housing landscape spans nearly three decades, with the earliest projects completed in 1994 and the most recent listed project completed in 2017. The 1990s saw significant affordable housing development, with multiple projects completed each year. The 2000s and 2010s continued this trend, with notable projects completed in various years.
Missoula's LIHTC-funded housing stock offers a diverse range of unit types. The inventory includes 60 efficiencies, 335 one-bedroom units, 397 two-bedroom units, and 87 three-bedroom units, catering to various household sizes and needs. Several projects target specific populations, such as individuals with disabilities and victims of domestic violence.
Over the past decade, Missoula's population has grown steadily, increasing from 69,116 in 2013 to 76,960 in 2022, an 11% growth. The median income has risen from $44,232 in 2013 to $59,590 in 2022, a 34.7% increase. This rise in median income may impact the demand for affordable housing, potentially shifting the income brackets of those in need.
Racial distribution data for 2022 shows that Missoula is predominantly white (86%), with small percentages of Hispanic (5%), two or more races (5%), Native American (2%), and Asian (1%) populations. This demographic composition should be considered when planning future affordable housing projects to ensure equitable access across all communities.
Missoula's LIHTC-funded affordable housing inventory represents a significant investment in addressing the city's housing needs. The diverse range of unit types and targeted populations demonstrates a thoughtful approach to meeting various community needs. As Missoula continues to grow and evolve, ongoing assessment and development of affordable housing options will be crucial to maintaining a balanced and inclusive community.
