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Affordable Housing Analysis in Zip Code 46239: LIHTC Investment and Demographic Shifts
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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 46239 in Indianapolis, Indiana, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area has 149 affordable units, all designated as low-income units. These units represent approximately 1.2% of the estimated 12,370 housing units in the zip code.
The LIHTC program has invested $1,341,401 in project tax credits in this zip code, averaging $9,003 per unit in federal funding. This investment accounts for 0.31% of Indiana's total LIHTC funding, indicating a moderate concentration of affordable housing investment in the area.
The affordable housing development in this zip code occurred over a decade, with the first project, Franklin Cove I, completed in 2010, and the most recent project, Franklin Cove II, finished in 2014. The 2010s marked the primary period of affordable housing project completion in this area.
The LIHTC-funded housing in zip code 46239 offers diverse unit types. The 149 total units comprise 37 one-bedroom, 69 two-bedroom, 33 three-bedroom, and 1 four-bedroom units. This distribution suggests accommodation for various household sizes, with an emphasis on small to medium-sized families.
Zip code 46239 has experienced significant demographic changes over the past decade. The population increased from 21,231 in 2010 to 32,286 in 2022, a 52% growth. Median income in the area fluctuated, rising from $71,172 in 2013 to $76,776 in 2022. This moderate income growth, combined with population increase, may indicate a sustained need for affordable housing options.
The racial composition of zip code 46239 has shifted notably. The white population decreased from 78% in 2013 to 62% in 2022, while the Black population increased from 13% to 22%. The Hispanic population grew from 2% to 7% during this period. These changes in racial demographics suggest a diversifying community, potentially impacting housing needs and preferences.
Zip code 46239 in Indianapolis has seen substantial investment in LIHTC-funded affordable housing, with 149 units developed over a decade. These units, while representing a small percentage of the estimated housing inventory, play a crucial role in providing affordable options in a rapidly growing area. The demographic trends, including population growth and racial diversification, underscore the importance of continued attention to affordable housing needs in this community.
