Affordable Housing Analysis in Zip Code 64870: Two Decades of LIHTC Development in Webb City, Missouri
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
DATA SOURCE
Zip code 64870, located in Webb City, Missouri, contains a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area covers 33.64 square miles and has a population of 16,514 as of 2022. The LIHTC program has funded 314 total units in this zip code, with 258 designated as low-income units. Based on the estimated housing inventory of 6,327 units, LIHTC-funded affordable housing comprises approximately 4.96% of the zip code's housing stock.
The LIHTC projects in zip code 64870 have received $2,249,319 in tax credits, averaging $7,163 in federal funding per unit. This zip code holds 0.64% of Missouri's total LIHTC funding, indicating a moderate concentration of affordable housing investments in the area.
Affordable housing has been present in this zip code for nearly two decades. The first LIHTC project, Webb City Apartments, was completed in 1999, while the most recent, Garden Estates of Webb City, was finished in 2018. The 2000s saw the most affordable housing development, with projects like Logan's Run II (2000), Logan's Run III (2001), and Maplewood Manor Apartments (2002) being completed in quick succession.
The LIHTC-funded projects in zip code 64870 offer a diverse range of unit types. There are 34 one-bedroom units, 156 two-bedroom units, and 76 three-bedroom units, catering to various household sizes and needs.
Over the past decade, zip code 64870 has experienced moderate population growth, increasing from 15,064 in 2014 to 16,514 in 2022. This 9.6% population increase may have contributed to the need for additional affordable housing units, as evidenced by the completion of Garden Estates of Webb City in 2018.
Median income in zip code 64870 has shown an overall upward trend, rising from $50,974 in 2014 to $60,429 in 2022, representing an 18.5% increase. Despite this growth, the continued development of LIHTC projects suggests an ongoing need for affordable housing options.
The racial composition of zip code 64870 has remained relatively stable, with a slight decrease in the white population from 91% in 2014 to 89% in 2022. There has been a small increase in diversity, with slight growth in Asian, Black, and multi-racial populations. This gradual diversification may influence future affordable housing needs and considerations.
Zip code 64870 has a modest but significant LIHTC-funded affordable housing presence, covering nearly 5% of its estimated housing stock. The area has seen consistent investment in affordable housing over two decades, with projects tailored to various household sizes. While median income has increased, the continued development of LIHTC projects indicates an ongoing demand for affordable housing options. The zip code's gradual population growth and increasing diversity may shape future affordable housing needs and development in the area.
