Loading Content...
Affordable Housing Analysis in Zip Code 49684: Long-Term LIHTC Investment in Greilickville, Michigan
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The zip code 49684 in Greilickville, Michigan, demonstrates a significant commitment to affordable housing through the Low-Income Housing Tax Credit (LIHTC) program. This area has implemented LIHTC-funded projects resulting in 470 total units, with 353 designated as low-income units. Based on an estimated housing inventory of 8,348 units for the zip code, LIHTC-funded affordable housing comprises approximately 5.6% of the total housing stock.
The LIHTC program has invested substantially in this zip code, with project tax credits totaling $3,802,830. This equates to an average federal funding of $8,091 per unit across all LIHTC-funded projects. Notably, this zip code accounts for 1.29% of Michigan's total LIHTC funding, indicating a considerable commitment to affordable housing in the area.
The development of affordable housing in this zip code spans several decades. The initial LIHTC project, Boardman Lake Apts II, was completed in 1989, while the most recent projects, Woda Boardman Lake and Bay Hill, were finished in 2015. This 26-year period demonstrates a long-term commitment to affordable housing in the area. The 2000s experienced the most activity, with projects such as The Village At Bay Ridge and Bay Hill II being completed.
The LIHTC-funded housing stock in zip code 49684 offers a diverse range of units. Out of the 470 total units, there are 3 efficiencies, 229 one-bedroom units, 82 two-bedroom units, 75 three-bedroom units, and 4 four-bedroom units. This distribution caters to various household sizes and needs within the community.
Over the past decade, zip code 49684 has experienced steady population growth, increasing from 20,042 in 2010 to 21,789 in 2022. This growth may have contributed to the need for additional affordable housing units. The median income has also risen, from $60,848 in 2013 to $67,365 in 2022, potentially affecting affordability for some residents.
The racial composition of zip code 49684 has remained relatively stable, with a slight decrease in the white population from 93% in 2013 to 92% in 2022. There has been a small increase in diversity, with slight growth in Asian, Black, and Hispanic populations. This demographic stability might have influenced the consistent development of affordable housing projects over the years.
Zip code 49684 in Greilickville, Michigan, demonstrates a significant commitment to affordable housing through the LIHTC program. With 470 total units, including 353 low-income units, the area has made progress in addressing affordable housing needs. The long-term development of LIHTC projects, spanning from 1989 to 2015, shows a sustained effort to provide affordable housing options. The current LIHTC-funded units cover about 5.6% of the estimated housing stock, representing a notable contribution to the area's affordable housing inventory. The diverse unit types available cater to various household sizes, reflecting an attempt to meet the community's varied housing needs.
