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Affordable Housing Analysis in Lake Park, Iowa: Zip Code 51347's Single LIHTC Project
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Lake Park, Iowa, located in zip code 51347, is a small community with a population of 1,706 as of 2022. The zip code area, spanning 78.59 square miles, contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 10 total units, with 1 designated as a low-income unit. Based on the estimated 654 housing units in the zip code, the LIHTC funded affordable housing comprises approximately 1.53% of the area's housing inventory.
The LIHTC program has invested $58,874 in tax credits for affordable housing projects in zip code 51347. This equates to an average federal funding of $5,887 per unit. The zip code holds 0.03% of Iowa's total LIHTC funding allocation.
Silver Lake Apts, completed in 1996, is the sole LIHTC-funded project in the area. This development has provided affordable housing options for over 25 years. The project consists of 4 one-bedroom units and 6 two-bedroom units, offering housing options for different household sizes.
Over the past decade, zip code 51347 has experienced modest population growth, increasing from 1,481 in 2013 to 1,706 in 2022. Median income has also risen, from $57,737 in 2013 to $74,097 in 2022, indicating improving economic conditions for residents.
The racial composition of the area has remained predominantly white, with a slight decrease from 96% in 2013 to 93% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 2% to 4% during this period.
Despite the population and income growth, there have been no new LIHTC projects in the last decade. This could be due to the relatively high median income, which may reduce the perceived need for additional low-income housing in the area.
Zip code 51347 has a single LIHTC-funded affordable housing project, Silver Lake Apts, which has served the community since 1996. It provides a small number of affordable units, representing a modest portion of the area's housing stock. The zip code has experienced steady population growth and rising median incomes over the past decade, which may influence the perceived need for additional affordable housing development. The area remains predominantly white, with a slight increase in diversity in recent years.
