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Sidney, Montana: Recent LIHTC Projects Address Affordable Housing Needs
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Sidney, Montana, a city with a population of 7,569 as of 2022, has an affordable housing inventory funded by the Low-Income Housing Tax Credit (LIHTC) program. This inventory comprises 56 total units, of which 38 are designated as low-income units. The LIHTC-funded affordable housing represents approximately 1.93% of the city's estimated 2,900 housing units.
Sidney has received $943,484 in project tax credits through the LIHTC program. This funding is distributed across two projects, averaging $471,742 per project. The average federal funding per unit is $16,848. Sidney's share of Montana's total LIHTC funding is 0.51%, indicating a relatively small portion of the state's affordable housing resources.
The LIHTC-funded affordable housing in Sidney was developed between 2013 and 2016. Parkview Village, completed in 2013, was the first project, followed by Sunset Village in 2016. This timeline demonstrates a recent focus on affordable housing development in the city, with the most significant activity occurring in the 2010s.
The affordable housing inventory in Sidney includes a variety of unit types. The 56 total units are distributed as follows: 12 one-bedroom units, 27 two-bedroom units, 14 three-bedroom units, and 3 four-bedroom units. This distribution suggests an effort to accommodate families of various sizes.
Sidney's population has grown over the past decade, increasing from 6,121 in 2010 to 7,569 in 2022. The median income has fluctuated, reaching a peak of $67,463 in 2016 and decreasing to $61,481 in 2022. The city's racial composition has remained predominantly white, though there has been a slight decrease from 95% in 2013 to 85% in 2022, with increases in Hispanic and multiracial populations.
The development of LIHTC projects in 2013 and 2016 coincides with a period of population growth and relatively high median incomes in Sidney. This timing suggests that the affordable housing projects were implemented during a period of economic expansion, potentially to address the housing needs of lower-income residents amidst rising costs.
Sidney's LIHTC-funded affordable housing inventory, while modest in scale, represents a recent effort to address affordable housing needs in the city. The two projects completed in the 2010s have added 56 units to the city's housing stock, accommodating diverse household sizes. The timing of these projects aligns with a period of population growth and economic fluctuation in Sidney. Although the current LIHTC inventory covers a small percentage of the city's estimated housing stock, it marks an important step in addressing affordable housing needs in this Montana community.
