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Affordable Housing Analysis in Georgetown's Zip Code 40324: LIHTC Funding 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
Georgetown's zip code 40324, located in Kentucky, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This zip code has 275 affordable units, all categorized as low-income units. The area's population has grown steadily, reaching 51,169 residents in 2022.
The estimated housing inventory in zip code 40324 is 19,605 units. LIHTC-funded affordable housing represents approximately 1.4% of the zip code's housing stock. This percentage is below the 15-20% target for affordable housing, though other programs may contribute to the overall affordable housing inventory.
Zip code 40324 has received $1,175,348 in LIHTC tax credits. With 275 total units, this equates to an average federal funding of $4,274 per unit. This zip code accounts for 0.33% of the total LIHTC funding allocated to Kentucky.
Affordable housing has been present in this community for nearly three decades. The first LIHTC project, Georgetown Terrace Phase II, was completed in 1992. The most recent addition, Harmony Village Apartments, was finished in 2009. The mid-2000s saw the most affordable housing development activity, with three projects completed in 2005: The Overlook At Elkhorn Creek, Elk River Apartments, and Scott Manor Limited.
The LIHTC-funded housing in zip code 40324 offers various unit types, focusing on family-sized accommodations. There are 27 one-bedroom units, 129 two-bedroom units, and 65 three-bedroom units, addressing different household sizes and needs.
The zip code's population has grown consistently over the past decade, increasing from 42,300 in 2013 to 51,169 in 2022. This growth trend indicates a rising demand for housing, including affordable options.
Median income in zip code 40324 has shown an upward trend, rising from $68,100 in 2013 to $78,499 in 2022. Despite this increase, the need for affordable housing likely persists for a significant portion of the population.
The racial composition of zip code 40324 has remained relatively stable. The white population decreased slightly from 87% in 2013 to 85% in 2022. The Hispanic population increased from 3% to 5% during the same period. This demographic stability suggests that the community's affordable housing needs have likely remained consistent.
Zip code 40324 in Georgetown, Kentucky, has a modest LIHTC-funded affordable housing inventory, comprising about 1.4% of the estimated housing stock. The area has received steady investment in affordable housing over nearly three decades, with notable activity in the mid-2000s. Despite population growth and rising median incomes, the need for affordable housing likely remains significant. The existing LIHTC projects provide a mix of unit sizes, primarily serving families. As the community continues to grow and evolve, ongoing assessment of affordable housing needs will be crucial to ensure adequate support for low-income residents.
