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Ozark's LIHTC Program: A Modest Contribution to Affordable Housing
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Ozark, Arkansas, has a small Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city has 69 affordable housing units, with 68 designated as low-income units. Based on the estimated housing inventory of 3,625 units, LIHTC-funded affordable housing comprises approximately 1.9% of the city's housing stock.
Ozark has received $446,186 in project tax credits through the LIHTC program. With two projects, this translates to an average federal funding of $223,093 per project. When divided by the total number of units, it amounts to an average of $6,466 per unit. The city holds 0.28% of the total state funding for LIHTC projects.
The first LIHTC project in Ozark, Garden Walk Of Ozark Fka Hillview, was completed in 2001, while the most recent project, Garden Walk On 2nd, was finished in 2015. This indicates that affordable housing has been present in the city for at least 14 years. The 2010s saw the most recent affordable housing project completion.
The LIHTC-funded housing in Ozark consists of a mix of unit types. There is 1 efficiency unit, 14 one-bedroom units, 12 two-bedroom units, 1 three-bedroom unit, and 4 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, Ozark's population has remained relatively stable, fluctuating between 9,400 and 10,200 residents. The median income has shown variability, ranging from about $36,000 to $44,000. Despite these fluctuations, there has not been a significant increase in LIHTC projects during this period.
The racial composition of Ozark has remained predominantly white, consistently above 89% of the population. However, there has been a slight increase in diversity, with the Hispanic population growing from 1% to 4% and the percentage of residents identifying as two or more races increasing from 1% to 5% over the past decade.
Ozark's LIHTC-funded affordable housing inventory provides 69 units for low-income residents. The city has received nearly half a million dollars in tax credits for these projects, which span over a decade of development. The housing stock includes a mix of unit sizes to accommodate various household needs. While demographic trends show slight increases in diversity and fluctuations in median income, there has not been a corresponding increase in LIHTC projects in recent years. This analysis provides a snapshot of Ozark's affordable housing landscape, highlighting the role of LIHTC in addressing housing needs for low-income residents.
