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Stamford's LIHTC-Funded Affordable Housing: A Three-Decade Investment
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Stamford, Connecticut, a city of 136,197 residents as of 2022, has implemented the Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The city has 1,234 units in LIHTC-funded projects, including 809 designated low-income units. This represents approximately 2.4% of Stamford's estimated 52,183 housing units, indicating that LIHTC projects are likely part of a broader affordable housing strategy.
Stamford has received $18,463,782 in project tax credits through the LIHTC program, distributed across approximately 25 projects. This averages to $738,551 in federal funding per project and $14,962 per unit. Notably, Stamford's LIHTC funding accounts for 17.19% of Connecticut's total LIHTC allocation, suggesting a significant focus on affordable housing in this city compared to others in the state.
The city's involvement in LIHTC-funded affordable housing spans over three decades. The earliest project, St Maurice Elderly, was completed in 1990, while the most recent, Summer Place, was finished in 2017. The 2000s and 2010s saw the most activity in affordable housing development, with multiple projects completed during these decades.
Stamford's LIHTC-funded housing inventory offers a diverse range of unit types. The 1,234 units comprise 75 efficiencies, 407 one-bedroom units, 390 two-bedroom units, 202 three-bedroom units, and 40 four-bedroom units. This distribution caters to various household sizes and needs within the low-income population.
One notable project, Marshall Commons (formerly Ludlow Place), completed in 2012, specifically targets supportive housing. This type of housing typically provides additional services to residents, addressing more comprehensive needs of vulnerable populations.
Demographic trends over the past decade show Stamford's population growing from 122,902 in 2010 to 136,197 in 2022. The median income has also increased, rising from $72,706 in 2013 to $89,797 in 2022. This economic growth may have influenced the continued need for affordable housing options in the city.
Racial distribution data from 2022 shows a diverse population in Stamford: approximately 48% White, 26% Hispanic, 15% Black, and 7% Asian. This diversity underscores the importance of ensuring equitable access to affordable housing across different communities.
In conclusion, Stamford's LIHTC-funded affordable housing inventory represents a significant investment in addressing the city's housing needs. With a diverse range of unit types and projects spanning several decades, the city has consistently worked to provide affordable options. While LIHTC projects form an important part of Stamford's housing landscape, they likely work in conjunction with other affordable housing initiatives to meet the needs of the city's growing and diverse population.
