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Affordable Housing Analysis in Zip Code 37073: Ridgewood Apartments' Impact
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 37073, located in Greenbrier, Tennessee, has a population of 14,837 as of 2022. This area has a single Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, providing a total of 12 low-income units. Based on the estimated housing inventory of 5,685 units, the LIHTC funded affordable housing covers approximately 0.21% of the zip code's housing stock.
The LIHTC program has invested $491,625 in tax credits for affordable housing in this zip code. This translates to an average federal funding of $40,969 per unit. This investment represents 0.11% of Tennessee's total LIHTC funding allocation.
The sole LIHTC project in this zip code, Ridgewood Apartments, was completed in 2012. This development consists of 12 units, all of which are designated as low-income housing. The unit breakdown includes eight two-bedroom and four three-bedroom apartments, catering to various family sizes within the low-income community.
Over the past decade, the zip code has experienced steady population growth, increasing from 13,457 in 2013 to 14,837 in 2022. This 10.3% population increase suggests a growing demand for housing in the area.
Median income in the zip code has fluctuated over the years, rising from $66,551 in 2013 to $72,354 in 2022, representing an 8.7% increase. This income growth, while positive, may still leave a portion of the population in need of affordable housing options.
The racial composition of the zip code has remained relatively stable, with a slight decrease in the white population from 93% in 2013 to 91% in 2022. There has been a small increase in diversity, with slight growth in Asian, Black, and Hispanic populations.
Zip code 37073 has a single LIHTC funded affordable housing project, Ridgewood Apartments, which provides 12 low-income units. This represents a small portion of the estimated housing inventory. The zip code has experienced population growth and moderate income increases over the past decade, which may influence the need for additional affordable housing options in the future. The racial composition has remained relatively stable, with a slight trend towards increased diversity.
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