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Affordable Housing Analysis in Zip Code 46060: LIHTC Projects and Demographic Trends
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 46060, located in Noblesville, Indiana, has a population of 48,550 as of 2022. This area has a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, consisting of 853 total units, with 793 of these designated as low-income units. Based on the estimated housing inventory of 18,602 units, LIHTC-funded affordable housing covers approximately 4.59% of the zip code's housing stock.
The LIHTC projects in this zip code have received $1,477,435 in tax credits, which translates to an average of $1,732 per unit in federal funding. This zip code holds 0.34% of the total state LIHTC funding, indicating a modest but notable share of Indiana's affordable housing investment.
Affordable housing has been present in this zip code since 1989, with the completion of Noble Manor Apts II. The most recent project, Noblesville Senior Apts, was completed in 2011, spanning over two decades of affordable housing development. The 2000s saw the most activity, with five out of seven projects completed during this decade, including Deer Chase Apts I and II, and Princeton Lakes Apts.
The LIHTC-funded projects in this zip code offer a diverse range of unit types. There are 159 one-bedroom units, 416 two-bedroom units, 192 three-bedroom units, and 32 four-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on two-bedroom units.
Over the past decade, the zip code has experienced significant population growth, increasing from 36,330 in 2013 to 48,550 in 2022. Median income has also risen, from $72,438 in 2013 to $84,941 in 2022, indicating overall economic improvement. The racial composition has remained relatively stable, with a slight decrease in the white population from 88% in 2013 to 82% in 2022, and modest increases in other racial groups.
Despite this growth and economic improvement, no new LIHTC projects have been completed since 2011. This could suggest that the existing affordable housing stock has been sufficient to meet the needs of the low-income population, or that other affordable housing programs may be addressing any additional needs.
Zip code 46060 has a notable LIHTC-funded affordable housing inventory, covering about 4.59% of its estimated housing stock. The area has seen significant population and income growth over the past decade, with a stable racial composition. While LIHTC development was active from 1989 to 2011, no new projects have been completed in recent years. The existing inventory offers a range of unit sizes, potentially accommodating diverse household needs. This analysis provides an objective view of the LIHTC-funded affordable housing landscape in this zip code, highlighting its contribution to the area's housing needs.
