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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 46902 in Kokomo, Indiana, contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 307 total units, with 82 units designated as low-income. Based on the 2022 population of 37,170 and an estimated 14,241 housing units in the zip code, LIHTC funded affordable housing comprises approximately 2.16% of the estimated housing inventory. This suggests that LIHTC projects contribute to the affordable housing stock in the area, albeit representing a small portion of the overall housing inventory.
The zip code has experienced LIHTC funded affordable housing development over a span of more than a decade. The initial project, Bradford Run Apartments, was completed in 1994, while the most recent projects, Kokomo Manor Apartments and Pillars, were both completed in 2005. This 11-year period demonstrates a sustained effort to provide affordable housing options in the area.
The 2000s witnessed the majority of affordable housing activity, with three out of four projects completed during this decade. These projects include Center Meadows Apartments (1998), Kokomo Manor Apartments (2005), and Pillars (2005).
The LIHTC funded projects in zip code 46902 offer a variety of unit types. There are 129 one-bedroom units, 133 two-bedroom units, and 45 three-bedroom units, accommodating various household sizes and needs. One project, Pillars, targets a special needs population, which may require specific accommodations or support services.
Over the past decade, zip code 46902 has experienced demographic changes. The population has increased from 35,574 in 2017 to 37,170 in 2022, indicating a modest rise in housing demand. Median income has also increased, from $53,143 in 2017 to $58,471 in 2022, which may impact affordability needs.
Racial demographics have remained relatively stable, with a slight decrease in the white population (from 84% in 2017 to 82% in 2022) and small increases in other racial groups. The black population has remained consistent at around 8-9%, while the Hispanic population has held at 3% since 2018.
No new LIHTC projects have been completed in zip code 46902 in the last decade. This could be attributed to various factors, including changes in funding priorities, shifts in local housing needs, or the development of affordable housing through other programs.
The LIHTC program has contributed to the affordable housing stock in zip code 46902, providing 307 units, of which 82 are designated as low-income. While these units represent a small percentage of the estimated housing inventory, they offer diverse housing options, including units for special needs populations. The area has experienced modest population growth and income increases over the past decade, which may influence future affordable housing needs. The absence of recent LIHTC projects suggests that current housing dynamics may differ from those when the existing projects were developed, or that other affordable housing initiatives may be addressing local needs.