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Affordable Housing Analysis in Zip Code 76123: LIHTC-Funded Project Impact in Fort Worth, Texas
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 76123 in Fort Worth, Texas, contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This zip code, covering 9.24 square miles with a population of 40,192 in 2022, has 224 affordable units, all designated as low-income. These units represent approximately 1.45% of the estimated 15,399 housing units in the zip code.
The LIHTC program has invested $699,601 in tax credits for affordable housing in this zip code, averaging $3,123 per unit. This investment accounts for 0.6% of the total LIHTC funding allocated to Texas. The sole LIHTC project, The Residences At Sunset Pointe, was completed in 2007 and has provided affordable housing for over 15 years.
The Residences At Sunset Pointe consists of 224 units with a diverse mix: 32 one-bedroom, 96 two-bedroom, 88 three-bedroom, and 8 four-bedroom units. This distribution suggests an effort to accommodate families of various sizes within the affordable housing complex.
Zip code 76123 has experienced significant population growth, increasing from 30,150 in 2013 to 40,192 in 2022. The median income has remained relatively stable, ranging between $88,799 and $93,744 during this period. The racial composition has changed notably, with the percentage of Black residents increasing from 35% to 39%, Hispanic population growing from 20% to 26%, and white population decreasing from 35% to 22% between 2013 and 2022.
These demographic shifts, along with the stable median income, may indicate an ongoing need for affordable housing in the area. However, no new LIHTC projects have been developed in the last decade. This could suggest that other affordable housing initiatives might be addressing these needs.
In summary, zip code 76123 in Fort Worth, Texas, has one LIHTC funded affordable housing project providing 224 low-income units. While this represents a small percentage of the estimated housing inventory, it has been a consistent presence since 2007. The area has experienced significant population growth and demographic changes over the past decade. Despite these changes and a stable median income, no new LIHTC projects have been developed recently. This analysis provides insight into the LIHTC funded affordable housing in this zip code, but a comprehensive understanding would require information on other housing programs and initiatives.
