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Affordable Housing Analysis in La Grange, Kentucky: Zip Code 40031's LIHTC Inventory
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
La Grange, Kentucky, zip code 40031, contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 80 units. All units are designated as low-income. The zip code covers 64.02 square miles and had a population of 23,575 in 2022. The LIHTC funded affordable housing units constitute approximately 0.89% of the estimated 9,033 total housing units in this zip code.
The LIHTC projects in zip code 40031 have received $750,658 in tax credits, averaging $9,383 per unit. This represents 0.21% of Kentucky's total LIHTC funding. The first LIHTC project, Stoneridge I, was completed in 1996, and the most recent, Chilewich Apartments, in 2009. This 13-year span indicates a sustained commitment to affordable housing development. The 1990s saw the most project completions, with two projects (Stoneridge I and Stoneridge II) constructed during this decade.
The LIHTC funded projects in this zip code include 16 two-bedroom units and 18 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families in the area's affordable housing stock.
The population in zip code 40031 has increased from 22,334 in 2013 to 23,575 in 2022. The median income has risen from $72,147 in 2013 to $80,954 in 2022, with a peak of $97,041 in 2021. The racial distribution has remained relatively stable, with the white population consistently representing the majority (around 85-87%) throughout the decade. The Black population has remained at about 6%, while the Hispanic population has slightly decreased from 5% to 4% over this period.
No new LIHTC projects have been developed in the last decade, despite population growth and increasing median income. This could potentially be attributed to the rising income levels, which might have reduced the perceived need for additional low-income housing in the area.
Zip code 40031 in La Grange, Kentucky, has an established LIHTC funded affordable housing inventory, representing about 0.89% of the estimated total housing stock. The area has experienced consistent population growth and significant increases in median income over the past decade. While no new LIHTC projects have been developed recently, the existing units continue to provide affordable housing options for the community. The distribution of unit sizes suggests a focus on accommodating families, aligning with the area's demographic needs.
