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Affordable Housing Analysis in Zip Code 72712: LIHTC Funding and Demographic Trends in Bentonville, 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 72712 in Bentonville, Arkansas, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The total number of LIHTC units is 1,058, with 662 designated as low-income units. This zip code encompasses an area of 50.79 square miles and has an estimated population of 42,524 as of 2022. Based on the national average household size, the estimated housing inventory in this zip code is approximately 16,293 units. The LIHTC-funded affordable housing comprises about 6.49% of the estimated total housing units in the area.
The LIHTC projects in zip code 72712 have received $3,322,139 in tax credits, averaging about $3,140 in federal funding per unit. This funding represents 2.08% of the total LIHTC credits allocated to the state of Arkansas, indicating a significant concentration of affordable housing investment in this area.
Affordable housing has been present in zip code 72712 for nearly three decades. The first LIHTC projects, Garland Square of Bentonville/Prestonwood and Meadowglade II, were completed in 1994. The most recent project, Garden Walk of Bentonville, was completed in 2013. The late 1990s and early 2000s experienced the most affordable housing development activity, with multiple projects completed during this period, including Osage Terrace, Parkwood Senior Apartments, and Touchstone Village Apartments.
The LIHTC-funded projects in zip code 72712 offer a diverse range of unit types. The inventory includes 72 efficiencies, 346 one-bedroom units, 462 two-bedroom units, 177 three-bedroom units, and 1 four-bedroom unit. This distribution suggests a focus on accommodating various household sizes, with a particular emphasis on one and two-bedroom units.
Over the past decade, the population in zip code 72712 has grown steadily, increasing from 35,644 in 2013 to 42,524 in 2022. During this period, the median income has also risen significantly, from $76,045 in 2013 to $90,218 in 2022. This income growth may have reduced the demand for additional affordable housing in recent years.
The racial composition of the area has remained relatively stable, with a slight decrease in the white population from 79% in 2013 to 70% in 2022. There has been a small increase in diversity, with modest growth in Asian, Black, and multi-racial populations. This demographic shift may influence future affordable housing needs and planning.
Zip code 72712 in Bentonville, Arkansas, has a substantial LIHTC-funded affordable housing inventory, representing about 6.49% of the estimated total housing units. The area has seen consistent investment in affordable housing over nearly three decades, with a concentration of development in the late 1990s and early 2000s. The diverse range of unit types suggests an effort to accommodate various household sizes and needs. While population and median income have grown steadily over the past decade, the area's changing demographics may influence future affordable housing requirements. The LIHTC program has played a crucial role in supporting affordable housing in this zip code, contributing significantly to the overall housing landscape of the area.
