Loading Content...
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 70586, located in Ville Platte, Louisiana, exhibits a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 133 total units in LIHTC-funded projects, with 129 designated as low-income units. Based on the estimated housing inventory of 7,689 units, LIHTC-funded affordable housing comprises approximately 1.73% of the total housing stock in this zip code.
The LIHTC program has made substantial investments in zip code 70586, with project tax credits totaling $2,591,570. This equates to an average federal funding of $19,486 per unit. Notably, this zip code accounts for 2.13% of Louisiana's total LIHTC funding, indicating a significant commitment to affordable housing in this area.
Affordable housing has been a consistent feature in zip code 70586, with projects spanning from 1990 to 2020. The earliest project, Gabriel Villa Apartments, was completed in 1990, while the most recent, Heatherwood, was finished in 2020. This 30-year span demonstrates a sustained effort to provide affordable housing options.
The 1990s saw the completion of two projects, Gabriel Villa Apartments and Ville Platte. The 2000s and 2010s each saw one project completion, with Renaissance Place in 2008 and Heatherwood in 2020. This distribution indicates a steady, albeit slow, growth in affordable housing options over the decades.
The LIHTC-funded projects in zip code 70586 offer a variety of unit types, including 8 one-bedroom units, 45 two-bedroom units, and 32 three-bedroom units. This mix accommodates different household sizes and needs within the low-income population. One project, Gabriel Villa Apartments, specifically targets acquisition and rehabilitation, potentially focusing on preserving and improving existing affordable housing stock.
Over the past decade, zip code 70586 has experienced a gradual population decline, from 21,488 in 2015 to 20,069 in 2022. Concurrently, median income has fluctuated, decreasing from $43,513 in 2015 to a low of $35,843 in 2017, before increasing again to $40,849 in 2022. These trends may indicate an ongoing need for affordable housing options.
The racial composition in zip code 70586 has remained relatively stable, with a slight increase in diversity. The white population decreased marginally from 63% in 2015 to 63% in 2022, while the Black population remained steady at around 29-30%. There has been a small increase in the Hispanic population and those identifying as two or more races.
Zip code 70586 demonstrates a consistent commitment to affordable housing through LIHTC-funded projects. While these projects cover only a small percentage of the total housing stock, they represent a significant portion of the state's LIHTC funding. The area has seen a steady development of affordable housing over three decades, with a mix of unit types to accommodate various household sizes. Despite a slight population decline and fluctuating median income, the continued presence of LIHTC projects suggests an ongoing effort to meet the affordable housing needs of the community.