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Affordable Housing Analysis in Zip Code 47374: Long-standing LIHTC Investment in Richmond, Indiana
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 47374 in Richmond, Indiana, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area contains 273 total units in LIHTC-funded projects, with 138 units specifically designated as low-income. Based on the 2022 population of 46,077 and an estimated 17,654 housing units, the LIHTC-funded affordable housing comprises approximately 1.55% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 47374 have received $7,486,249 in tax credits, averaging about $27,422 per unit. This funding represents 1.74% of Indiana's total LIHTC allocations, indicating a substantial investment in affordable housing for this area. Affordable housing has been a consistent feature of this zip code since 1991 when Prestwick Square Apts Of Richmond was completed. The most recent project with a known completion date is Dunn Supportive Housing, finished in 2012. This 21-year span demonstrates a sustained commitment to affordable housing in the area.
The 1990s witnessed the highest activity in LIHTC project completions, with three projects: Prestwick Square Apts Of Richmond (1991), Cedar Cliff Apts (1996), and Village Apts Of Richmond (1999). The early 2000s continued this trend with Starr Senior Apts (2000) and Adam H Bartel Senior Housing (2004). The affordable housing inventory in this zip code consists of a diverse mix of unit types, including 1 efficiency unit, 21 one-bedroom units, 136 two-bedroom units, and 61 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on two-bedroom units.
Over the past decade, zip code 47374 has experienced a slight population decline, from 46,755 in 2013 to 46,077 in 2022. However, the median income has increased significantly from $38,696 in 2013 to $49,610 in 2022. This rise in median income might partially explain the lack of new LIHTC projects since 2012, as the overall economic situation of residents may have improved.
The racial composition of zip code 47374 has remained relatively stable, with a slight decrease in the white population from 85% in 2013 to 83% in 2022, and small increases in Hispanic (3% to 4%) and multi-racial (3% to 5%) populations. This stability in demographics suggests that the existing affordable housing stock may be meeting the needs of the community without requiring significant expansion.
Zip code 47374 has an established foundation of LIHTC-funded affordable housing, representing about 1.55% of the estimated housing inventory. The area has received a substantial portion of Indiana's LIHTC funding, demonstrating a commitment to affordable housing that spans over two decades. While there has not been new LIHTC development in recent years, this may be partly due to rising median incomes and stable demographics. The existing diverse mix of unit types suggests an effort to accommodate various household sizes within the affordable housing stock.
