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Affordable Housing Analysis in Zip Code 21784: Three Decades of LIHTC Development in Eldersburg
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 21784, located in Eldersburg, Maryland, has a population of 36,882 as of 2022. This zip code contains 94 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, all of which are designated as low-income units. Based on an estimated housing inventory of 14,131 units, LIHTC funded affordable housing comprises approximately 0.67% of the zip code's housing stock.
The LIHTC program has provided $1,207,170 in tax credits for affordable housing projects in zip code 21784. This equates to an average federal funding of about $12,842 per unit. The zip code holds 0.83% of Maryland's total LIHTC funding allocation. Affordable housing has been present in this zip code since 1988, with the completion of Spencer Village. The most recent project, Carrolltown Village, was completed in 2018, indicating a 30-year span of LIHTC-funded housing development in the area.
The housing inventory in zip code 21784 includes a mix of unit types. There are 33 one-bedroom units, 14 two-bedroom units, and 2 three-bedroom units. This distribution suggests a focus on smaller households and families.
Over the past decade, the population in zip code 21784 has slightly decreased from 38,560 in 2010 to 36,882 in 2022. Despite this population decline, the median income has increased from $119,026 in 2013 to $127,657 in 2022. This rise in median income might suggest a reduced need for affordable housing in recent years.
The racial composition of zip code 21784 has become slightly more diverse over the past decade. The percentage of white residents decreased from 89% in 2013 to 81% in 2022, while there were small increases in Asian, Black, and Hispanic populations. This gradual shift in demographics could potentially influence future affordable housing needs.
Zip code 21784 has a modest LIHTC-funded affordable housing inventory, covering less than 1% of its estimated housing stock. The area has seen sporadic development of affordable housing over three decades, with the most recent project completed in 2018. Despite a slight population decrease, the area has experienced significant income growth, which may impact the demand for affordable housing. The gradual increase in racial diversity could potentially influence future housing needs and policies in this zip code.
