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Rockville's LIHTC Program: Addressing Affordable Housing Needs in a Diverse 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
Rockville, Maryland, a city located north of Washington D.C., has implemented the Low-Income Housing Tax Credit (LIHTC) program to support affordable housing. The city's LIHTC-funded affordable housing inventory comprises 326 units, all designated as low-income units. This represents approximately 1.27% of Rockville's estimated 25,638 housing units.
Rockville has received $1,878,290 in project tax credits through the LIHTC program. With four projects, this equates to an average federal funding of $469,573 per project and $5,762 per unit. The city accounts for 1.3% of Maryland's total LIHTC funding, indicating a substantial contribution to the state's affordable housing initiatives.
The LIHTC program in Rockville spans two decades, with the first project, Rockville Commons, completed in 1999, and the most recent, Main Street Apts., finished in 2017. The 2010s were the most active period for LIHTC development, with two projects completed: Beall S Grant Apartments in 2017 and Main Street Apts. in 2019.
The LIHTC-funded housing in Rockville offers diverse unit types, including 1 efficiency, 33 one-bedroom, 27 two-bedroom, and 8 three-bedroom units. This variety accommodates different household sizes within the low-income population. The Main Street Apts. project, completed in 2019, specifically targets individuals with special needs, addressing the housing requirements of a vulnerable population segment.
Rockville's population has remained relatively stable over the past decade, increasing slightly from 65,941 in 2014 to 66,915 in 2022. The median income has grown significantly, rising from $90,606 in 2014 to $106,338 in 2022, indicating overall economic improvement in the city. Racial demographic data from 2022 shows a diverse population, with 39% White, 27% Asian, 17% Hispanic, and 11% Black residents. The completion of two LIHTC projects in the late 2010s aligns with this diversity, potentially reflecting efforts to provide affordable housing options for various demographic groups.
Rockville's LIHTC-funded affordable housing inventory represents a consistent effort to address low-income housing needs. The city has maintained steady development of affordable housing projects over two decades, with a recent focus on special needs populations. The diverse unit types cater to various household sizes within the low-income community. As Rockville continues to grow and diversify, ongoing attention to affordable housing needs will be crucial to maintain a balanced and inclusive community.
