Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 64063 in Lee's Summit, Missouri, contains 226 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, represent approximately 2.8% of the estimated 8,024 housing units in the zip code, based on the 2022 population of 20,943.
The LIHTC program has invested $445,919 in tax credits for affordable housing projects in zip code 64063. This equates to an average federal funding of $1,973 per unit. The zip code accounts for 0.13% of the total LIHTC funding allocated to Missouri.
Affordable housing has been present in this zip code since 2001, with the most recent project completed in 2007. The Ashbrooke-Yarco Apartments, built in 2001, initiated LIHTC-funded housing in the area, while Sage Crossing Apartments, completed in 2007, is the latest addition. The 2000s saw the highest number of affordable housing project completions in this zip code.
The affordable housing inventory in zip code 64063 includes 24 one-bedroom units, 60 two-bedroom units, and 97 three-bedroom units. This distribution indicates a focus on accommodating various family sizes within the affordable housing stock.
From 2013 to 2022, the population in zip code 64063 increased from 20,473 to 20,943. The median income rose from $73,111 to $78,233, suggesting gradual economic improvement. Racial demographics show slight changes: the white population decreased from 81% to 77%, the Black population increased from 8% to 9%, the Hispanic population grew from 5% to 7%, the Asian population doubled from 1% to 2%, and individuals identifying as two or more races increased from 2% to 5%.
These demographic shifts, particularly increased racial diversity and modest income growth, may indicate an ongoing need for affordable housing options. However, no new LIHTC projects have been completed since 2007, suggesting that other affordable housing programs may be addressing community needs.
Zip code 64063 has an established foundation of LIHTC-funded affordable housing, with 226 units across two projects completed in the early 2000s. These units provide crucial affordable options for the community despite representing a small percentage of the estimated housing inventory. The area's moderate population growth, income increases, and increasing racial diversity over the past decade may indicate a continued need for affordable housing solutions, potentially addressed through various programs beyond LIHTC.