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Plano's Evolving Affordable Housing Landscape: LIHTC Program Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Plano, a city in Texas, has a diverse and growing population. The Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory in Plano consists of 691 total units, with 272 designated as low-income units. Based on the estimated 111,152 housing units in the city, the LIHTC-funded affordable housing covers approximately 0.62% of the city's housing inventory. This percentage indicates that LIHTC-funded projects contribute to a portion of Plano's affordable housing needs.
Plano has received $1,235,213 in project tax credits through the LIHTC program. With approximately 7 projects, this translates to an average federal funding of $176,459 per project and $1,787 per unit. The city holds 1.06% of the total state LIHTC funding, indicating its share of affordable housing initiatives within Texas.
The LIHTC-funded affordable housing in Plano spans nearly three decades, with the earliest project, Garden Gate Apartments, completed in 1995, and more recent developments like Tuscany Villas finished in 2011. The 2000s saw significant activity in affordable housing development, with projects like Evergreen At Plano Independence Senior Community and The Plaza At Chase Oaks both completed in 2006.
The inventory of LIHTC-funded units in Plano includes a mix of housing types, with 146 one-bedroom, 264 two-bedroom, and 32 three-bedroom units. This distribution caters to various household sizes and needs within the low-income population.
Over the past decade, Plano's population has grown steadily, increasing from 273,519 in 2013 to 290,108 in 2022. Concurrently, the median income has risen significantly, from $80,448 in 2013 to $103,916 in 2022, potentially affecting the demand for affordable housing.
The racial composition of Plano has also evolved, with a notable increase in Asian residents from 18% in 2013 to 22% in 2022, while the white population decreased from 58% to 46% during the same period. The Hispanic population has remained relatively stable, fluctuating between 13% and 18%.
Despite the population growth and income increase, there have not been new LIHTC projects recorded in recent years. This could be due to various factors, including changes in local housing policies, shifts in funding priorities, or evolving housing needs in the community.
Plano's LIHTC-funded affordable housing inventory represents a small but significant portion of the city's housing stock. The program has contributed to the development of diverse housing options over nearly three decades, with a mix of unit sizes to accommodate different household needs. While the city has experienced population growth and increased median income in recent years, the racial composition has become more diverse. The absence of recent LIHTC projects may indicate changing housing priorities or needs in the community, though other affordable housing initiatives may be addressing these needs outside of the LIHTC program.
