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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Pacific, Missouri, has a population of 8,192 as of 2022. The city contains 147 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, all of which are designated as low-income. These units represent approximately 4.68% of the city's estimated 3,139 total housing units.
Pacific has 7 LIHTC-funded projects. The earliest recorded project, Palisades Of Pacific Vi, was completed in 1992, while the most recent project with a known completion date is Millstone Village Apts, finished in 2005. This indicates that affordable housing has been present in the city for at least 13 years.
The 1990s saw the most activity in affordable housing development, with five projects completed during this decade. The LIHTC-funded projects in Pacific offer a mix of housing options, including 14 one-bedroom units, 108 two-bedroom units, and 25 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families.
Over the past decade, Pacific has experienced steady population growth, increasing from 7,317 in 2017 to 8,192 in 2022. The median income has fluctuated, reaching a peak of $67,367 in 2018 before declining to $60,670 in 2022. This recent decrease in median income could potentially indicate an increased need for affordable housing options.
Pacific has maintained a predominantly white population, with a slight decrease from 90% in 2017 to 87% in 2022. There has been a small increase in diversity, particularly in the "two or more races" category, which grew from 3% in 2017 to 8% in 2022. The black population has remained relatively stable at around 3-4% during this period.
Pacific's LIHTC-funded affordable housing inventory, consisting of 147 units across 7 projects, plays a significant role in addressing the city's housing needs. The majority of these projects were developed in the 1990s, with a focus on two-bedroom units. While no new LIHTC projects have been recorded in the last decade, recent demographic trends, including population growth and a decrease in median income, may indicate a growing need for affordable housing options. The city's changing racial composition, albeit slight, also suggests an evolving community that may benefit from continued attention to diverse housing needs.