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Affordable Housing Analysis in Zip Code 42266: Kentucky's LIHTC Developments from 1993 to 1994
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 42266 in Kentucky contains 42 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units, all classified as low-income units. The estimated population of this zip code area was 2,947 in 2022, with an approximate housing inventory of 1,129 units based on the national average household size. LIHTC funded affordable housing comprises about 3.72% of the estimated housing units in this zip code.
The LIHTC projects in zip code 42266 have received $22,496 in project tax credits, averaging approximately $536 per unit in federal funding. This zip code accounts for about 0.01% of Kentucky's total LIHTC funding. The initial LIHTC projects in this zip code were completed in 1993, with Pembroke Senior Apartments and Pembroke Senior Apts (Shelbyville) being significant early developments. The most recent project, Pembroke Apartments, was finished in 1994, indicating the presence of affordable housing in the zip code for nearly three decades.
The 1990s witnessed the most affordable housing development activity in zip code 42266. The inventory primarily consists of one-bedroom units (27) and two-bedroom units (13), suggesting a focus on smaller household sizes or senior housing.
Zip code 42266 has experienced population fluctuations over the last decade, with a notable increase from 2,300 in 2020 to 2,947 in 2022. The median income has shown significant growth, rising from $44,170 in 2013 to $69,479 in 2022, potentially indicating improved economic conditions for some residents.
Racial demographics in zip code 42266 have shifted slightly, with the white population decreasing from 90% in 2019 to 74% in 2022, while the Hispanic population increased from 2% to 14% during the same period. This demographic shift might suggest changing housing needs in the community.
Zip code 42266 has a small but established LIHTC funded affordable housing inventory, with projects dating back to the early 1990s. While these units contribute to the area's affordable housing stock, they represent a relatively small percentage of the estimated total housing units. The area has seen recent population growth and income increases, along with shifts in racial demographics, which may influence future affordable housing needs and development strategies.
