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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 42141, located in Glasgow, Kentucky, has a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 127 units, with 123 designated as low-income units. Based on the 2022 population of 32,311 and an estimated 12,380 housing units, the LIHTC-funded affordable housing covers approximately 1.03% of the zip code's estimated housing inventory.
The LIHTC projects in this zip code have received $924,317 in project tax credits, which translates to an average federal funding of about $7,278 per unit. This zip code holds 0.26% of the total state LIHTC funding, indicating a modest but significant contribution to Kentucky's affordable housing efforts.
The affordable housing presence in this zip code spans from 2005 to 2010, with four notable projects: Liberty School Apartments, Bluegrass Place I Apartments, Bluegrass Place II Apartments (all completed in 2005), and Glasgow Graded School Apartments (completed in 2010). The mid-2000s saw the most affordable housing development activity in this area.
The LIHTC-funded projects in this zip code offer a diverse range of unit types, including 45 one-bedroom units, 65 two-bedroom units, and 8 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on smaller families or individuals.
Over the past decade, the zip code has experienced steady population growth, increasing from 30,738 in 2013 to 32,311 in 2022. The median income has also shown an upward trend, rising from $40,726 in 2013 to $44,558 in 2022, indicating a gradual improvement in economic conditions.
The racial distribution has remained relatively stable, with the white population consistently representing about 89-90% of the total. There has been a slight increase in diversity, with small increases in the Black, Hispanic, and multi-racial populations.
Despite the population growth and income improvements, no new LIHTC projects have been completed since 2010. This could suggest that the existing affordable housing stock has been sufficient to meet the needs of the low-income population, or that other housing programs may be addressing additional affordable housing needs.
Zip code 42141 in Glasgow, Kentucky, has a modest but significant LIHTC-funded affordable housing inventory, covering about 1.03% of the estimated housing units. The area received nearly $1 million in LIHTC funding, contributing to four projects completed between 2005 and 2010. These projects offer a mix of unit sizes, primarily one and two-bedroom apartments. While the population and median income have grown over the past decade, the racial composition has remained relatively stable. The lack of new LIHTC projects since 2010 may indicate that the current affordable housing stock is meeting the area's needs, though further analysis of other housing programs would be necessary for a comprehensive understanding of the affordable housing situation in this zip code.