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Affordable Housing Analysis in Zip Code 72730: Two Decades of LIHTC Projects in Farmington, 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 72730 in Farmington, Arkansas, encompasses an area of 21.61 square miles with a population of 9,130 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 72 affordable housing units in this zip code, all of which are designated as low-income units. These LIHTC-funded affordable housing units represent approximately 2.06% of the total housing inventory, based on an estimated 3,498 housing units in the zip code.
The LIHTC projects in zip code 72730 have received $653,138 in tax credits, with an average of $9,071 per unit. This funding accounts for 0.41% of the total LIHTC credits allocated to Arkansas. Affordable housing has been present in the area for approximately two decades. The first project, Village Lane, was completed in 1993, while the most recent project, Savannah Park of Farmington (Village Lane), was finished in 2013.
The most recent affordable housing development in zip code 72730 occurred in the 2010s. The inventory primarily consists of one-bedroom units (56) and two-bedroom units (16), which cater to smaller households and families. Neither of the LIHTC projects in this zip code has a specified target population, suggesting they serve a general low-income demographic.
Zip code 72730 has experienced significant population growth over the past decade, increasing from 7,441 in 2013 to 9,130 in 2022. The median income has also risen during this period, from $58,455 in 2013 to $72,899 in 2022, indicating overall economic improvement in the area.
The racial composition of zip code 72730 has remained predominantly white, though there has been a slight increase in diversity. The Hispanic population grew from 2% in 2013 to 6% in 2022, and the percentage of residents identifying as two or more races increased from 1% to 8% during the same period.
Despite the population growth and increasing median income in zip code 72730, no new LIHTC projects have been developed since 2013. This lack of new development could be attributed to the area's rising economic status, potentially reducing the perceived need for additional affordable housing units.
Zip code 72730 has a small but established LIHTC-funded affordable housing inventory, covering about 2.06% of the estimated housing stock. The area has experienced significant population growth and income increases over the past decade, along with a slight increase in racial diversity. While no new LIHTC projects have been developed recently, the existing units continue to provide important affordable housing options in this growing community.
