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Affordable Housing Analysis in Zip Code 49837: LIHTC Impact on Gladstone, 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 49837, situated in Gladstone, Michigan, contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area encompasses 88 total units in LIHTC-funded projects, with 67 of these designated as low-income units. Based on the 2022 population of 10,011 and utilizing the national average household size, an estimated 3,836 housing units exist in this zip code. The LIHTC-funded affordable housing comprises approximately 2.3% of the estimated housing inventory in this area.
The LIHTC program has invested $95,156 in tax credits for affordable housing projects in zip code 49837. This equates to an average federal funding of $1,081 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 zip code since at least 2001, with the completion of the Thorntree Apartments. The most recent project, Lakeview Apartments, was completed in 2006, indicating a five-year span of LIHTC-funded development in the area. The 2000s decade witnessed the most affordable housing project completions in this zip code.
The LIHTC-funded housing inventory in zip code 49837 consists of a mix of unit types. There are 20 one-bedroom units, 52 two-bedroom units, and 16 three-bedroom units. This distribution indicates a focus on accommodating small to medium-sized households.
Over the last decade, the population in zip code 49837 has remained relatively stable, with a slight increase from 9,481 in 2020 to 10,011 in 2022. The median income has shown fluctuation, rising from $58,937 in 2020 to $62,352 in 2021, before decreasing to $58,616 in 2022. The racial composition of the area has remained predominantly white, consistently around 94-95% of the population. There has been a small increase in racial diversity, with the percentage of residents identifying as two or more races growing from 2% in 2013 to 4% in 2022.
The LIHTC program has played a role in providing affordable housing in zip code 49837, with 88 total units and 67 low-income units. This represents a small percentage of the estimated housing inventory but contributes to the area's affordable housing stock. The zip code has seen LIHTC-funded development primarily in the early 2000s, with a mix of unit types to accommodate various household sizes. Despite fluctuations in median income, the area's demographics have remained relatively stable over the past decade, with a slight increase in racial diversity. This analysis provides insights into the LIHTC program's impact on affordable housing in zip code 49837, contributing to a broader understanding of housing dynamics in the area.
