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Pleasant Hill, Iowa: LIHTC Affordable Housing in a Growing City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Pleasant Hill, Iowa, has a total of 259 units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 205 designated as low-income units. Based on the 2022 population of 15,691 and an estimated 6,012 housing units, LIHTC-funded affordable housing comprises approximately 4.3% of the city's estimated housing inventory. The city has received $2,094,928.57 in project tax credits for affordable housing through the LIHTC program. With 5 projects, this translates to an average of $418,985.71 in federal funding per project. The average federal funding per unit is $8,088.53.
Pleasant Hill holds 0.99% of the total state LIHTC funding. The first LIHTC project in Pleasant Hill, Cottages of Pleasant Hill, was completed in 1995, while the most recent, Canterbury Heights, was finished in 2016. This 21-year span demonstrates a long-term commitment to affordable housing in the city. The 2000s saw the most affordable housing activity, with four out of five projects completed during this decade.
The LIHTC-funded housing inventory in Pleasant Hill consists of 74 one-bedroom units, 112 two-bedroom units, and 37 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized households.
Over the past decade, Pleasant Hill has experienced steady population growth, increasing from 13,516 in 2013 to 15,691 in 2022. The median income has also risen, from $77,641 in 2013 to $82,486 in 2022, indicating overall economic growth. Racial demographics have remained relatively stable, with a slight decrease in the white population from 87% in 2013 to 83% in 2022, and small increases in Asian, Black, and multiracial populations.
The most recent LIHTC project was completed in 2016, coinciding with a period of population growth and rising median incomes. The lack of new LIHTC projects since then may be due to the city's continued economic prosperity, potentially reducing the immediate need for additional affordable housing units.
Pleasant Hill's LIHTC-funded affordable housing inventory represents a small but significant portion of its housing stock. The city has consistently invested in affordable housing over two decades, with a concentration of development in the 2000s. While the LIHTC inventory covers about 4.3% of the estimated housing units, this analysis does not account for other affordable housing programs that may contribute to the city's overall affordable housing stock. The city's growing population and rising median income suggest a dynamic economic environment, which may influence future affordable housing needs and development strategies.
