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Affordable Housing Analysis in Zip Code 50677: Three Decades of LIHTC Projects in Waverly, Iowa
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 50677 in Waverly, Iowa, contains 116 units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 85 units designated as low-income. The estimated housing inventory for this zip code, based on the 2022 population of 12,757 and the national average household size, is approximately 4,888 units. LIHTC-funded affordable housing comprises about 2.4% of the estimated housing inventory in this zip code.
LIHTC projects in this zip code have received $852,000 in project tax credits, averaging $7,345 per unit. This funding represents 0.4% of the total LIHTC credits allocated in Iowa, indicating a modest investment in affordable housing for this area. Affordable housing has been present in this zip code for nearly three decades, with the first LIHTC project, Lantern Park Apartments, completed in 1992, and the most recent, Waverly Historic Lofts, finished in 2019. The 1990s saw the most activity in LIHTC project development, with two projects completed during that decade.
The LIHTC-funded housing in this zip code offers a mix of unit types, with 23 one-bedroom, 52 two-bedroom, and 25 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized households.
Over the past decade, zip code 50677 has experienced modest population growth, increasing from 12,029 in 2010 to 12,757 in 2022. The median income has also risen, from $61,939 in 2013 to $71,010 in 2022, indicating an overall improvement in economic conditions.
The racial composition of the area has remained relatively stable, with a slight decrease in the white population from 95% in 2013 to 90% in 2022, and small increases in other racial groups, particularly Hispanic residents (from 1% to 3%). This gradual diversification may influence future affordable housing needs.
Zip code 50677 in Waverly, Iowa, has a small but established LIHTC-funded affordable housing presence, covering about 2.4% of the estimated housing inventory. The area has seen consistent investment in affordable housing over nearly three decades, with a mix of unit types to accommodate various household sizes. The population and median income have grown modestly over the past decade, while the racial composition has remained relatively stable with a slight trend towards diversification. These demographic shifts may influence future affordable housing needs and development in the area.
