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Affordable Housing Analysis in Zip Code 72704: Three Decades of LIHTC Development in Fayetteville, Arkansas
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 72704 in Fayetteville, Arkansas contains 156 affordable housing units, of which 141 are designated as low-income units, funded by the Low-Income Housing Tax Credit (LIHTC) program. This represents approximately 1.22% of the estimated 12,798 total housing units in the zip code. The percentage suggests that LIHTC projects alone may not fully address the area's affordable housing needs, as typically 15-20% of a community's housing stock should be affordable for a well-balanced housing market.
The LIHTC program has invested $241,564 in tax credits for affordable housing projects in zip code 72704. This translates to an average federal funding of about $1,548 per unit. The zip code accounts for 0.15% of the total LIHTC funding allocated to Arkansas, indicating a relatively small share of the state's overall affordable housing investment.
Affordable housing has been present in this zip code for nearly three decades. The first LIHTC project, Crafton Place Apartments, was completed in 1993, while the most recent addition, Wedington Place Senior Apartments, was finished in 2002. The 1990s and early 2000s were the most active periods for LIHTC development in this area.
The affordable housing inventory in zip code 72704 consists of 1 efficiency unit, 71 one-bedroom units, and 84 two-bedroom units. This distribution suggests a focus on accommodating smaller households and potentially senior residents.
Demographic trends over the past decade show significant population growth in this zip code, from 24,539 in 2013 to 33,404 in 2022, an increase of about 36%. The median income fluctuated but showed an overall upward trend, rising from $57,026 in 2013 to $67,007 in 2022.
The racial composition of zip code 72704 has remained relatively stable, with a slight decrease in the white population from 86% in 2013 to 77% in 2022. There has been a modest increase in diversity, with small growths in Hispanic, Asian, and multi-racial populations.
Despite population growth and income changes, no new LIHTC projects have been developed in zip code 72704 since 2002. This could be due to various factors, including changes in local housing policies, shifts in development priorities, or the availability of affordable housing through other programs.
In conclusion, zip code 72704 has a small but established LIHTC-funded affordable housing inventory that has been in place for nearly 30 years. These projects contribute to the area's affordable housing needs but represent a relatively small portion of the overall housing stock. The zip code has experienced significant population growth and income changes over the past decade, which may indicate a need for reassessment of affordable housing requirements in the area.
