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Park Hills, Missouri: LIHTC-Funded Affordable Housing in a Stable Community
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Park Hills, Missouri, has utilized the Low-Income Housing Tax Credit (LIHTC) program to develop affordable housing for its residents. The city's LIHTC-funded inventory comprises 111 units, with 48 designated as low-income units. This affordable housing stock represents approximately 2.5% of the estimated 4,428 housing units in Park Hills.
The LIHTC program has provided Park Hills with $194,088 in project tax credits. The city has approximately 4 LIHTC projects, resulting in an average federal funding of $48,522 per project. When considering the total number of units, the average federal funding per unit is $1,748. Park Hills' share of the total state funding for LIHTC projects in Missouri is 0.06%, indicating a relatively small portion of the state's overall affordable housing investment.
The development of LIHTC projects in Park Hills spans a 13-year period, from 1993 to 2006. The first project, St. Francios Apts, was completed in 1993, while the most recent, Flat River I Apts, was finished in 2006. The 1990s and 2000s saw the most affordable housing project completions, with two projects in each decade. The unit distribution in these projects includes 72 one-bedroom units, 34 two-bedroom units, and 5 three-bedroom units, suggesting a focus on smaller household sizes in the affordable housing stock.
Park Hills' population has experienced slight fluctuations over the last decade, with the 2022 population recorded at 11,558. The median income in the city has shown an overall increasing trend, rising from $37,814 in 2013 to $44,141 in 2022. This increase in median income may partially explain the absence of new LIHTC projects in recent years.
The racial demographics of Park Hills have remained relatively stable, with a predominantly white population. However, there has been a slight decrease in the white population from 97% in 2013 to 93% in 2022. Concurrently, there has been a small increase in residents identifying as two or more races, from less than 1% in 2013 to 5% in 2022.
In summary, Park Hills' LIHTC-funded affordable housing inventory, while relatively small compared to the overall housing stock, provides important housing options for low-income residents. The city experienced LIHTC project development from 1993 to 2006, focusing primarily on one- and two-bedroom units. The absence of new LIHTC projects in recent years may be partially attributed to the rising median income in the area. Despite minor changes, the city's demographic composition has remained relatively stable over the past decade, with a slight increase in racial diversity.
