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Noblesville's Affordable Housing: LIHTC Impact on a Growing Indiana 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
Noblesville, Indiana, has a diverse affordable housing inventory supported by the Low-Income Housing Tax Credit (LIHTC) program. The city has 1,089 units in LIHTC-funded projects, with 1,029 designated as low-income units. Based on an estimated housing inventory of 28,453 units, LIHTC-funded affordable housing comprises approximately 3.8% of the city's housing stock.
Noblesville has received $1,477,435 in project tax credits for affordable housing through the LIHTC program. With approximately 8 projects, this translates to an average of $184,679 in federal funding per project. The average federal funding per unit is $1,357. Noblesville holds 0.34% of Indiana's total LIHTC funding, indicating a significant contribution to the state's affordable housing efforts.
The city's affordable housing development spans over two decades. The earliest LIHTC project, Noble Manor Apts II, was completed in 1989, and the most recent projects, Noble Manor Village Apts and Noblesville Senior Apts, were finished in 2011. The 2000s saw the most activity in affordable housing development, with five projects completed during this decade.
LIHTC-funded projects in Noblesville offer a variety of unit types. The inventory includes 255 one-bedroom units, 540 two-bedroom units, 208 three-bedroom units, and 32 four-bedroom units, catering to different household sizes and needs.
Noblesville has experienced significant population growth, increasing from 66,358 in 2018 to 74,262 in 2022, a growth of 11.9%. This growth may have contributed to the need for affordable housing options. The median income has fluctuated, rising from $84,388 in 2018 to $106,025 in 2022, which could impact the demand for affordable housing.
Racial demographics have shown slight shifts, with the white population decreasing from 86% in 2018 to 83% in 2022, while the Black population increased from 3% to 6% during the same period. This growing diversity may influence future affordable housing needs and strategies.
Noblesville's LIHTC-funded affordable housing inventory plays a crucial role in addressing the city's housing needs. With 1,029 low-income units across various projects, the program has made a significant impact over the past three decades. The city's demographic changes, including population growth and increasing diversity, underscore the ongoing importance of affordable housing initiatives. As Noblesville continues to evolve, monitoring these trends will be essential for future affordable housing planning and development.
