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Affordable Housing Analysis in Zip Code 42104: Long-Term LIHTC Investments in Bowling Green, 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 42104 in Bowling Green, Kentucky, maintains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 240 total units in LIHTC-funded projects, with 150 designated as low-income units. Based on the 2022 population of 39,210 and an estimated 15,023 housing units, LIHTC-funded affordable housing comprises approximately 1.6% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 42104 have received $1,171,821 in project tax credits, averaging $4,883 in federal funding per unit. This funding represents 0.33% of Kentucky's total LIHTC allocation, indicating a modest but significant investment in affordable housing for this area.
Affordable housing has been present in zip code 42104 for over 25 years. The first LIHTC project, Sunnydale Acres Condominiums, was completed in 1995, and the most recent, Payton Landing, was finished in 2020. The 1990s experienced the highest activity in affordable housing development, with two projects completed during that decade.
The LIHTC-funded housing in zip code 42104 offers various unit types, including 40 one-bedroom, 152 two-bedroom, and 12 three-bedroom units. This distribution suggests a focus on accommodating small families and individuals.
Over the past decade, zip code 42104 has experienced significant population growth, increasing from 29,386 in 2013 to 39,210 in 2022. This 33% population increase may have contributed to the need for additional affordable housing, as evidenced by the completion of Payton Landing in 2020.
Median income in zip code 42104 has risen from $61,475 in 2013 to $69,886 in 2022, representing a 13.7% increase. Despite this growth, the continued development of affordable housing suggests an ongoing need for low-income housing options.
The racial composition of zip code 42104 has remained relatively stable, with a slight decrease in the white population from 84% in 2013 to 82% in 2022, and small increases in Asian and multiracial populations. This diversity may influence the demand for varied housing options, including affordable units.
Zip code 42104 in Bowling Green, Kentucky, has a modest but important LIHTC-funded affordable housing inventory, covering 1.6% of the estimated housing units. With projects spanning from 1995 to 2020, the area has maintained a consistent commitment to affordable housing development. The recent population growth and rising median income, coupled with the completion of a new LIHTC project in 2020, suggest an ongoing need for affordable housing options in this growing community.
