Loading Content...
Affordable Housing Analysis in Zip Code 72722: LIHTC Funding and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 72722 in Decatur, Arkansas possesses a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This zip code contains 48 affordable housing units, all categorized as low-income units. The area spans 42.63 square miles and had a population of 2,829 in 2022. Based on the national average household size of 2.61, the estimated number of housing units in this zip code is approximately 1,084. The LIHTC funded affordable housing units constitute about 4.43% of the estimated housing inventory in the area.
The LIHTC program has allocated $10,000 in tax credits for affordable housing projects in zip code 72722. With 48 total units, this equates to an average federal funding of approximately $208 per unit. This zip code accounts for 0.01% of the total state LIHTC funding, indicating a relatively small portion of Arkansas's overall affordable housing investment.
Two notable LIHTC projects in this zip code are Garden Walk of Decatur (formerly known as Southgate) and Southgate (doing business as Garden Walk of Decatur). Both projects were completed in 2011, marking the inception of LIHTC-funded affordable housing in this area. The uniform completion year suggests a coordinated effort to increase affordable housing options in the zip code.
The affordable housing inventory in zip code 72722 consists of 32 two-bedroom units and 16 three-bedroom units. This distribution indicates a focus on accommodating small to medium-sized families or households.
Over the past decade, the population in this zip code has fluctuated, increasing from 2,830 in 2020 to 2,988 in 2021, before decreasing to 2,829 in 2022. The median income has shown a significant upward trend, rising from $58,011 in 2019 to $71,696 in 2022. This increase in median income may suggest a changing economic landscape in the area.
Racial demographics have also shifted in zip code 72722. The white population decreased from 75% in 2019 to 63% in 2022, while the Hispanic population remained relatively stable at around 14-15%. There has been a notable increase in the population identifying as two or more races, from 4% in 2019 to 14% in 2022. These demographic changes could influence future affordable housing needs in the area.
Zip code 72722 in Decatur, Arkansas has a modest LIHTC-funded affordable housing inventory, representing about 4.43% of the estimated housing stock. The area received $10,000 in LIHTC funding, which accounts for 0.01% of the state's total LIHTC allocation. All 48 LIHTC-funded units are designated as low-income housing, with a mix of two and three-bedroom units. The affordable housing projects in this zip code were completed in 2011, indicating a relatively recent addition to the area's housing options. Over the past decade, the area has experienced fluctuations in population, a significant increase in median income, and shifts in racial demographics, all of which may influence future affordable housing needs and development in zip code 72722.
