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Affordable Housing Analysis in Zip Code 40383: LIHTC Investments in Versailles, Kentucky
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 40383 in Versailles, Kentucky contains a specific Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area includes 61 affordable housing units, all designated as low-income units. Based on the 2022 population and national average household size, the estimated housing inventory is 9,369 units, with LIHTC funded affordable housing comprising approximately 0.65% of the zip code's housing stock.
The LIHTC program has invested $698,090 in tax credits for affordable housing projects in zip code 40383. This equates to an average federal funding of $11,444 per unit. This zip code represents 0.19% of the total LIHTC funding allocated to Kentucky.
Affordable housing has existed in this zip code since at least 2007, with the completion of Arbor Place Townhomes. The most recent project, Versailles School Apartments, was completed in 2016, indicating a minimum of 9 years of LIHTC-funded housing development in the area. The 2010s experienced the most affordable housing activity, with two projects completed during this decade.
The inventory consists of 6 one-bedroom units, 21 two-bedroom units, and 7 three-bedroom units. This distribution indicates a focus on accommodating small to medium-sized households.
From 2013 to 2022, zip code 40383 experienced steady population growth, increasing from 22,706 to 24,453. The median income also rose from $66,434 in 2013 to $75,124 in 2022, indicating overall economic improvement in the area.
The racial composition remained relatively stable, with a predominant White population (85-87%) throughout the decade. Hispanic representation increased slightly from 5% in 2013 to 7% in 2022, while the Black population decreased from 5% to 4% during the same period.
The completion of the Versailles School Apartments in 2016 aligns with the period of population growth and increasing median income, suggesting a response to the growing housing needs of the community.
The LIHTC program has contributed to the affordable housing stock in zip code 40383, providing 61 low-income units across two projects. This represents a small percentage of the estimated housing inventory but demonstrates ongoing efforts to address affordable housing needs in the area. The community has experienced steady population growth and increasing median incomes over the past decade, potentially influencing the demand for affordable housing options. The distribution of unit sizes in LIHTC projects appears to cater to diverse household needs within the low-income population.
