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Affordable Housing Analysis in Zip Code 64485: LIHTC Funding and Housing Inventory
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 64485, located in Savannah, Missouri, contains 76 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units comprise 2.55% of the estimated 2,976 housing units in the area, based on the 2022 population of 7,767. The LIHTC program has invested $490,159 in tax credits for affordable housing projects in this zip code, averaging $6,449 per unit. This investment represents 0.14% of the total LIHTC funding allocated to Missouri.
The initial LIHTC project in the area, White Oak Manor, was completed in 2006. The most recent projects, Cedar Tree Apartments and Savannah Catalpa Tree Apartments, were both finished in 2007. This indicates that affordable housing has been present in the zip code for over 15 years. The year 2007 saw the highest number of affordable housing completions, with two projects finished.
The affordable housing inventory in zip code 64485 consists of 41 one-bedroom units, 23 two-bedroom units, and 12 three-bedroom units. This distribution suggests a focus on accommodating smaller households and families.
Zip code 64485 has experienced a slight population decline over the past decade, decreasing from 8,063 in 2015 to 7,767 in 2022. The median income has shown minor fluctuation, increasing from $51,758 in 2015 to $52,434 in 2022. The racial composition has remained predominantly white, consistently above 97% throughout this period.
Despite the absence of new LIHTC projects in the last decade, the existing affordable housing continues to serve a need in the community. The stable median income and slight population decrease may partially explain the lack of additional low-income housing development in recent years.
In summary, zip code 64485 has a modest LIHTC-funded affordable housing presence, comprising approximately 2.55% of the estimated housing inventory. The area received significant federal investment for these projects, which were completed between 2006 and 2007. The housing mix primarily caters to smaller households, with a majority of one-bedroom units. While demographic trends show a slight population decline and stable median income, the existing affordable housing continues to play a role in meeting the community's needs.
