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Affordable Housing Analysis in Zip Code 72223: Little Rock's Single LIHTC Project
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 72223 in Little Rock, Arkansas, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This zip code encompasses 65.14 square miles and had a population of 25,009 in 2022. The area has 92 total affordable units, all designated as low-income units. Based on the national average household size of 2.61, the estimated housing inventory for this zip code is approximately 9,582 units. The LIHTC funded affordable housing represents about 0.96% of the estimated housing inventory in this zip code.
The LIHTC program has allocated $200,135 in tax credits for affordable housing projects in zip code 72223. This equates to an average federal funding of $2,175 per unit. This zip code accounts for 0.13% of the total LIHTC funding allocated to the state of Arkansas. The single affordable housing project in this area, Chapel Ridge Of Little Rock I, was completed in 2000. It has provided affordable housing options for over two decades. The project consists of 36 one-bedroom units, 48 two-bedroom units, and 8 three-bedroom units, offering various options for different household sizes.
The population in zip code 72223 has grown steadily over the past decade, increasing from 21,218 in 2014 to 25,009 in 2022. The median income has fluctuated but remained high, rising from $113,565 in 2014 to $115,968 in 2022. This data indicates an affluent area with increasing housing demand. Racial demographics have changed slightly, with the white population decreasing from 78% in 2014 to 71% in 2022. There have been small increases in other racial groups, particularly in the Black population (from 11% to 15%) and Asian population (from 5% to 8%). These changes suggest a gradual diversification of the area's population.
The absence of new LIHTC projects in the last decade, despite population growth, may be attributed to the area's high median income and relatively low racial diversity. These factors might indicate a lower perceived need for additional affordable housing in this specific zip code.
Zip code 72223 in Little Rock, Arkansas, has a single LIHTC-funded affordable housing project providing 92 low-income units. This project, completed in 2000, represents a small fraction of the area's estimated housing inventory. The zip code has experienced population growth and maintained a high median income over the past decade, with slight increases in racial diversity. The existing LIHTC project continues to serve the community, but the area's affluence and demographic composition may influence the perceived need for additional affordable housing developments in recent years.
