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Affordable Housing Analysis in Colorado Springs Zip Code 80918: LIHTC Impact and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 80918 in Colorado Springs, Colorado, has a population of 49,534 as of 2022 and an estimated 18,979 housing units. The Low-Income Housing Tax Credit (LIHTC) program has funded 267 affordable housing units in this area, with 207 of these designated as low-income units. This LIHTC-funded affordable housing covers approximately 1.4% of the zip code's estimated housing inventory.
The LIHTC program has invested $1,228,589 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of about $4,601 per unit across all LIHTC-funded projects. Zip code 80918 accounts for 0.28% of the total LIHTC funding allocated to Colorado.
Affordable housing has been present in this zip code for over two decades, with the first LIHTC project, Lynmar Apartments, completed in 1999, and the most recent, Hatler May Village, finished in 2016. The 2000s saw the most affordable housing development activity in this area.
The LIHTC-funded housing inventory in zip code 80918 comprises a mix of unit types, including 18 one-bedroom, 79 two-bedroom, 110 three-bedroom, and 6 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes within the affordable housing stock.
Over the past decade, the population in zip code 80918 has remained relatively stable, fluctuating between 48,000 and 50,000 residents. The median income has shown an upward trend, increasing from $69,282 in 2013 to $78,501 in 2022, which may indicate a growing need for affordable housing options to support lower-income residents.
Racial demographics have remained fairly consistent, with a slight decrease in the white population from 78% in 2013 to 72% in 2022, and small increases in Hispanic, Black, and multiracial populations. This gradual diversification may influence future affordable housing needs and planning.
Zip code 80918 in Colorado Springs has a modest LIHTC-funded affordable housing inventory, covering about 1.4% of the estimated housing units. The area has seen consistent investment in affordable housing over two decades, with projects catering to various household sizes. Rising median incomes and subtle shifts in racial demographics may impact future affordable housing needs in this community.
