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Affordable Housing Analysis in Zip Code 65802: A 26-Year LIHTC Investment in Springfield, Missouri
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 65802 in Springfield, Missouri, contains a significant number of Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. This area has 507 total units in LIHTC funded projects, with 484 designated as low-income units. Based on the 2022 population of 45,825 and an estimated 17,557 housing units, LIHTC funded affordable housing comprises approximately 2.89% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 65802 have received $12,650,373 in tax credits, averaging about $24,951 per unit in federal funding. This represents 3.61% of the total LIHTC funding allocated to Missouri, indicating a substantial investment in affordable housing for this area.
The first LIHTC project in zip code 65802, English Village-Phase II, was completed in 1994, while the most recent, Y Gardens, was finished in 2020. This 26-year span demonstrates a long-term commitment to affordable housing in the area. The 2010s saw the most affordable housing projects completed, with notable developments including Silver Brook Estates (2011), Westport Park (2013), and Beacon Village (2014).
The LIHTC funded projects in zip code 65802 offer a range of unit types, including 91 efficiencies, 108 one-bedroom units, 145 two-bedroom units, and 117 three-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Several projects in zip code 65802 have targeted populations, particularly those with disabilities. James Place, Beacon Village Phase II, Talia Apartments, and Y Gardens focus on serving individuals with handicaps, potentially offering specialized amenities or services to meet their specific needs.
Over the past decade, zip code 65802 has experienced population growth, increasing from 43,157 in 2013 to 45,825 in 2022. Median income has also risen, from $37,248 in 2013 to $44,272 in 2022. Despite this growth, the continued development of LIHTC projects suggests an ongoing need for affordable housing.
The racial composition of zip code 65802 has remained relatively stable, with a slight decrease in the white population from 88% in 2013 to 84% in 2022, and small increases in other racial groups. This gradual diversification may influence the demand for affordable housing options.
Zip code 65802 in Springfield, Missouri, has a significant LIHTC funded affordable housing presence, covering nearly 3% of the estimated housing inventory. The area has seen consistent investment in affordable housing over 26 years, with a focus on diverse unit types and accommodations for individuals with disabilities. Despite rising median incomes and population growth, the continued development of LIHTC projects indicates an ongoing commitment to providing affordable housing options in this community.
