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Affordable Housing Analysis in Zip Code 70374: LIHTC Funding and Elderly Apartments in Lockport, Louisiana
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 70374, located in Lockport, Louisiana, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The area contains 10 total units in LIHTC funded projects, with 8 of these designated as low-income units. Based on the 2022 population of 7,812 and an estimated 2,993 housing units, the LIHTC funded affordable housing comprises approximately 0.33% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 70374 have received $49,914 in tax credits, averaging $4,991 per unit in federal funding. This represents 0.04% of Louisiana's total LIHTC funding allocation. Affordable housing has been present in the zip code since 1994, with the completion of the Lockport Elderly Apartments. The most recent project, Lockport Elderly Apartments II, was completed in 2008, indicating a 14-year span of LIHTC development in the area.
The 2000s saw the most affordable housing activity in zip code 70374, with the completion of Lockport Elderly Apartments II. The inventory consists primarily of one-bedroom units (6) and two-bedroom units (2), suggesting a focus on smaller household sizes.
Over the past decade, zip code 70374 has experienced fluctuations in population, with a general downward trend from 8,656 in 2014 to 7,812 in 2022. Median income has also seen variations, peaking at $67,227 in 2014 and declining to $57,412 in 2022. The racial composition has remained relatively stable, with a predominantly white population (87% in 2022) and small percentages of other racial groups.
The absence of new LIHTC projects in zip code 70374 over the last decade may be partially attributed to the declining population and fluctuating median income, which could indicate changing housing needs in the area.
Zip code 70374 has a small LIHTC funded affordable housing inventory, representing a minor portion of its estimated housing stock. The area received a modest amount of tax credits, focusing on smaller units, primarily serving elderly residents. Demographic trends show a declining population and fluctuating income levels, which may influence future affordable housing needs in the area.
