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Affordable Housing Analysis in Zip Code 49047: LIHTC Funded Projects in Dowagiac, 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
Zip code 49047, located in Dowagiac, Michigan, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 223 total units in LIHTC funded projects, with 97 designated as low-income units. Based on the 2022 population of 13,633 and an estimated housing inventory of 5,223 units, LIHTC funded affordable housing comprises approximately 4.27% of the zip code's housing stock.
The LIHTC program has invested in this zip code, with project tax credits totaling $635,663. This equates to an average federal funding of $2,850 per unit across all LIHTC funded projects. Zip code 49047 accounts for 0.22% of Michigan's total LIHTC funding allocation.
Affordable housing has been present in this community for over two decades. The first LIHTC project, Riverside, was completed in 1997, while the most recent addition, Vineyard Place, was finished in 2014. The 2000s saw the most activity in affordable housing development, with three projects completed during this decade: Eagle's Wood Apartments & Senior Residence in 2004, Eagles Trace Apartments in 2006, and Vineyard Place in 2014.
The LIHTC funded housing stock in zip code 49047 offers various unit types. There are 59 one-bedroom units, 112 two-bedroom units, and 52 three-bedroom units, accommodating different household sizes and needs.
Over the past decade, zip code 49047 has experienced slight fluctuations in population, with a general trend of modest decline from 14,057 in 2013 to 13,633 in 2022. Despite this, median income has increased significantly, rising from $45,774 in 2013 to $55,246 in 2022, indicating improved economic conditions for residents.
The racial composition of zip code 49047 has remained relatively stable, with a predominantly white population (82% in 2022). There has been a slight increase in Hispanic representation, growing from 5% in 2013 to 7% in 2022, while the Black population has remained steady at around 7%.
Zip code 49047 demonstrates a consistent commitment to affordable housing through the LIHTC program, with projects spanning from 1997 to 2014. While the LIHTC funded units represent a small portion of the overall housing stock, they provide essential affordable options for low-income residents. The area has seen economic improvements over the past decade, as evidenced by rising median incomes, which may influence future affordable housing needs and development strategies.
