Loading Content...
Waterbury's LIHTC Program: Brass City's Approach to Affordable Housing
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Waterbury, Connecticut, a city with a brass manufacturing legacy, has implemented a Low-Income Housing Tax Credit (LIHTC) program to address affordable housing needs. The program has resulted in 533 total units, with 515 designated as low-income units. This affordable housing inventory comprises approximately 1.2% of Waterbury's estimated 44,065 housing units, based on the 2022 population and national average household size.
Waterbury has received $1,963,002 in LIHTC funding, representing 1.83% of Connecticut's total LIHTC allocation. The city has approximately 29 LIHTC-funded projects, averaging $67,690 in federal funding per project and $3,683 per unit.
The LIHTC program in Waterbury has a history spanning from 1988 to 2016. Early developments include "262 Walnut St" and "29 Cooke St," while the most recent project is the "Carroll Building." This 28-year period demonstrates Waterbury's sustained commitment to affordable housing development.
The 1990s marked a significant period of affordable housing growth in Waterbury, with multiple LIHTC project completions. Notable developments from this era include "Cherry Street Heights" and "Elton Hfa" in 1995, and "Watertown Crossing Village" in 1996.
Waterbury's LIHTC-funded housing stock offers diverse unit types, including 83 efficiencies, 72 one-bedroom units, 68 two-bedroom units, 146 three-bedroom units, and 20 four-bedroom units. This distribution addresses various household sizes and needs within the low-income population.
Some LIHTC projects in Waterbury target specific populations. Recent completions such as "Liberty Commons" and the "Carroll Building" are designed for supportive housing, likely providing additional services to help residents maintain stable housing and improve their quality of life.
Demographic trends over the past decade show Waterbury's population has remained relatively stable, increasing slightly from 107,577 in 2019 to 115,009 in 2022. The median income has grown steadily, rising from $42,754 in 2019 to $51,572 in 2022. This income growth may impact the demand for affordable housing in the city.
Racial demographics in Waterbury have experienced shifts. The Hispanic population increased from 37% in 2019 to 40% in 2022, while the white population decreased from 40% to 31% during the same period. The Black population remained relatively stable at around 16-18%. These demographic changes may influence future affordable housing needs and planning.
Waterbury's LIHTC program has contributed significantly to the city's affordable housing stock over the past three decades. While LIHTC-funded units represent a small percentage of the city's estimated housing inventory, they provide essential housing options for low-income residents. The diverse unit types and targeted supportive housing projects demonstrate efforts to meet various community needs. As Waterbury continues to evolve demographically and economically, ongoing assessment of affordable housing demands will be crucial for future development strategies.
