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Affordable Housing Analysis in Zip Code 23320: Three Decades of LIHTC Investment in Chesapeake, Virginia
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 23320 in Chesapeake, Virginia, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. The area has 967 total units in LIHTC-funded projects, with 750 designated as low-income units. Based on the 2022 population of 61,741 and an estimated 23,656 housing units, LIHTC-funded affordable housing represents approximately 4.1% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 23320 have received $3,626,985 in tax credits, averaging about $3,751 per unit in federal funding. This zip code accounts for 0.79% of Virginia's total LIHTC funding, indicating a substantial investment in affordable housing for the area.
Affordable housing has been present in this community for nearly three decades. The earliest projects, Dominion Pines and Woodbridge Apts, were completed in 1995. The most recent addition, Rivers Apts, was completed in 2012. The 2000s saw the most activity in affordable housing development, with five projects completed during this decade, including Greenbrier Seniors and Commons At Chesapeake.
The LIHTC-funded projects in zip code 23320 primarily consist of two-bedroom units, with 635 such units available. There are also 65 one-bedroom units, providing a mix of housing options for different household sizes.
Over the past decade, zip code 23320 has experienced steady population growth, increasing from 53,811 in 2013 to 61,741 in 2022. This 14.7% population increase suggests a growing demand for housing, including affordable options.
Median income in zip code 23320 has fluctuated but generally trended upward, rising from $78,640 in 2013 to $80,219 in 2022. This modest income growth may indicate an ongoing need for affordable housing options.
The racial demographics in zip code 23320 have shown some shifts. The white population decreased from 58% in 2013 to 50% in 2022, while the Hispanic population increased from 4% to 9%. The Black population has remained relatively stable at around 30%. These changes in racial composition may influence the diverse housing needs of the community.
Zip code 23320 in Chesapeake, Virginia, has an established foundation of LIHTC-funded affordable housing, representing about 4.1% of the estimated housing inventory. The area has seen consistent investment in affordable housing over nearly three decades, with a concentration of development in the 2000s. While the LIHTC program has made a significant contribution, there may still be opportunities for additional affordable housing development to meet the needs of the growing and diversifying population in this zip code.
