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Rexburg's LIHTC-Funded Affordable Housing: A Quarter-Century of Development in a University City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Rexburg, Idaho, home to Brigham Young University-Idaho, has 364 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, with 350 designated as low-income. This accounts for approximately 2.2% of the city's estimated 16,310 housing units. The city has received $3,691,075 in project tax credits through the LIHTC program, averaging $410,119 per project and $10,140 per unit. Rexburg holds 4.57% of Idaho's total LIHTC funding.
Rexburg's LIHTC-funded housing development spans from 1991 to 2016. The first project, Brenchley, was completed in 1991, and the most recent, Carlow Senior, in 2016. This 25-year period demonstrates a long-term commitment to affordable housing. The 2010s saw increased activity, with projects like Rockwell Court (2013), Grove @ Riverside (2015), and Carlow Senior (2016) being completed.
The LIHTC-funded units in Rexburg include 99 one-bedroom, 175 two-bedroom, 77 three-bedroom, and 4 four-bedroom units. This distribution suggests accommodation for various family sizes and needs.
Rexburg experienced significant population growth, increasing from 28,847 in 2015 to 42,570 in 2022, a nearly 48% increase. This rapid growth may have intensified the need for affordable housing. The median income rose from $36,429 in 2015 to $46,178 in 2022, a 27% increase. However, this income growth may not have kept pace with housing costs, potentially increasing demand for affordable options.
The racial composition of Rexburg has remained relatively stable. The white population decreased slightly from 91% in 2015 to 86% in 2022, while the Hispanic population increased from 4% to 9% during the same period. This gradual diversification might influence future affordable housing needs and demographics.
Rexburg's LIHTC-funded affordable housing inventory represents a significant investment in addressing low-income housing needs, despite covering a small percentage of the total estimated housing stock. The city has consistently developed affordable housing projects over a 25-year period, with increased activity in the 2010s. The diverse unit types suggest an effort to accommodate various household sizes. As Rexburg continues to experience rapid population growth and demographic shifts, ongoing assessment and development of affordable housing options may be necessary to meet the evolving needs of the community.
