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Affordable Housing Analysis in Zip Code 77388: Louetta Village Apartments
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 77388 in Houston, Texas, contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. The area has 116 affordable housing units, all designated as low-income units. These units represent approximately 0.57% of the estimated 20,183 total housing units in the zip code.
The LIHTC program has allocated $314,202 in tax credits to this zip code for affordable housing development. This amount equates to an average federal funding of $2,709 per unit. Zip code 77388 accounts for 0.27% of the total LIHTC funding in Texas, indicating a modest contribution to the state's affordable housing efforts.
Louetta Village Apartments, completed in 2006, is the only LIHTC-funded project in this zip code. This development has provided affordable housing options to the community for over 15 years. All 116 units in Louetta Village Apartments are two-bedroom units, offering consistent housing options for families or individuals requiring more space.
The population of zip code 77388 has grown significantly over the past decade, increasing from 40,525 in 2013 to 52,678 in 2022. The median income has fluctuated during this period, peaking at $100,915 in 2021 before decreasing to $91,456 in 2022.
The racial composition of the area has changed. The white population has decreased from 64% in 2013 to 49% in 2022, while the Hispanic population has grown from 21% to 26%. The Black population has more than doubled, increasing from 6% to 16%, and the Asian population has grown slightly from 6% to 7%.
No new LIHTC projects have been developed in zip code 77388 in the last decade, despite demographic changes and population growth. This could be due to factors such as land availability, local zoning policies, or changes in funding priorities.
Zip code 77388 in Houston, Texas, has one LIHTC-funded affordable housing project, Louetta Village Apartments, providing 116 two-bedroom units for low-income residents. This project represents a small portion of the total housing stock but plays a crucial role in providing affordable housing options in the area. The zip code has experienced significant population growth and demographic shifts over the past decade, with increasing diversity and fluctuating median incomes. The lack of new LIHTC projects since 2006 suggests potential opportunities for future affordable housing initiatives to address the evolving needs of the community.
