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Affordable Housing Analysis in Zip Code 48854: Mason, Michigan's LIHTC-Funded Projects
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 48854 in Mason, Michigan, contains 94 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program, with 88 of these designated as low-income units. Based on the 2022 population of 21,155 and an estimated 8,105 housing units, LIHTC-funded affordable housing comprises approximately 1.16% of the estimated housing inventory in this zip code.
The LIHTC program has invested $99,199 in tax credits for affordable housing projects in zip code 48854. This equates to an average federal funding of about $1,055 per unit. This zip code accounts for 0.03% of the total LIHTC funding allocated to the state of Michigan.
Affordable housing has been present in this community since 2005. The first LIHTC project, Green Park Townhomes, was completed in 2005, and the most recent project, Jefferson Street Square, was finished in 2011. The 2010s experienced the highest level of affordable housing development activity in this zip code.
The affordable housing inventory in zip code 48854 offers a range of unit types. There are 5 efficiency units, 44 one-bedroom units, 27 two-bedroom units, and 18 three-bedroom units. This distribution indicates an effort to accommodate various household sizes, from individuals to small families.
The population in zip code 48854 has increased from 19,716 in 2010 to 21,155 in 2022, representing a 7.3% growth. The median income has risen from $68,502 in 2013 to $74,790 in 2022, indicating a 9.2% increase in household earnings.
Racial demographics have shown minor changes, with a decrease in the white population from 90% in 2013 to 87% in 2022. Small increases have occurred in Asian, Black, Hispanic, and multiracial populations, suggesting a gradual trend towards greater diversity.
The completion of LIHTC projects in 2005 and 2011 coincides with the period of population growth and increasing median income. This suggests that the affordable housing developments were responding to the growing needs of the community during a time of economic expansion.
The LIHTC program has made a modest contribution to the affordable housing inventory in zip code 48854. With 94 total units, including 88 low-income units, these projects provide housing options for approximately 1.16% of the estimated housing stock. The diversity of unit types suggests an effort to meet varied housing needs. The continued population growth and rising median income in the area may indicate an ongoing need for affordable housing options. The slight racial demographic shifts may also influence future affordable housing needs in this community.
