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Affordable Housing Analysis in Zip Code 48047: Three Decades of LIHTC Projects in New Baltimore, Michigan
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 48047 in New Baltimore, Michigan, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 333 units in LIHTC-funded projects, with 232 designated as low-income units. The LIHTC-funded affordable housing represents approximately 2.12% of the total housing stock, based on an estimated housing inventory of 15,707 units for the zip code.
The LIHTC program has allocated $420,587 in tax credits for affordable housing projects in zip code 48047. This equates to an average federal funding of $1,263 per unit. The zip code accounts for 0.14% of the total LIHTC funding allocated to Michigan. Affordable housing has been present in this community for over three decades, with the first LIHTC project, Oakview Square Phase I, completed in 1990 and the most recent, New Baltimore Place Apts, finished in 2007. The 1990s experienced the highest activity in affordable housing development, with two projects completed during that decade.
The LIHTC-funded housing stock in zip code 48047 primarily consists of one-bedroom and two-bedroom units. There are 136 one-bedroom units and 92 two-bedroom units, accommodating various household sizes and needs.
The population in zip code 48047 has shown steady growth over the past decade, increasing from 39,793 in 2013 to 40,994 in 2022. During this period, the median income has also risen significantly, from $78,953 in 2013 to $87,970 in 2022. This upward trend in income may explain the absence of new LIHTC projects since 2007, as the overall economic conditions of the area have improved.
The racial composition of zip code 48047 has remained relatively stable, with a slight decrease in the white population from 91% in 2013 to 85% in 2022. There has been a small increase in diversity, with the Black population growing from 3% to 6% and the Hispanic population from 2% to 4% during the same period.
Zip code 48047 in New Baltimore, Michigan, has a modest LIHTC-funded affordable housing inventory that covers about 2.12% of the estimated total housing stock. The area has seen no new LIHTC developments since 2007, which may be attributed to the rising median income and overall economic improvements in the community. While the racial composition has remained predominantly white, there has been a slight increase in diversity over the past decade. The existing LIHTC projects, developed between 1990 and 2007, continue to provide affordable housing options for the community, with a focus on one-bedroom and two-bedroom units.
