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Affordable Housing Analysis in Zip Code 80223: Three Decades of LIHTC Development
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 80223 in Denver, Colorado, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 623 total units in LIHTC-funded projects, with 461 designated as low-income units. Based on the 2022 population of 22,695 and an estimated 8,695 housing units, LIHTC-funded affordable housing comprises approximately 7.2% of the zip code's estimated housing inventory.
LIHTC projects in this zip code have received $5,312,869 in tax credits, averaging about $8,528 in federal funding per unit. Zip code 80223 holds 1.21% of Colorado's total LIHTC funding, indicating a notable concentration of affordable housing investment in this area.
Affordable housing has been present in this zip code for over three decades. The first LIHTC project, 4th & Fox Apts, was completed in 1990, and the most recent, Atlantis Apartments, was finished in 2020. The 2000s saw the most affordable housing development, with multiple projects completed during this decade, including Walsh Manor Annex and Hirschfeld Towers in 2008, and Broadway Junction in 2009.
The LIHTC-funded housing in zip code 80223 offers a diverse range of unit types. Of the 623 total units, there are 137 efficiencies, 333 one-bedroom units, 87 two-bedroom units, and 3 three-bedroom units. This distribution suggests a focus on accommodating smaller households and individuals.
Over the past decade, zip code 80223 has experienced population growth, increasing from 19,832 in 2013 to 22,695 in 2022. Median income has also risen significantly, from $46,867 in 2013 to $65,140 in 2022. This income growth may indicate a changing economic landscape in the area.
Racial demographics have shifted slightly in zip code 80223. The Hispanic population decreased from 60% in 2013 to 48% in 2022, while the white population increased from 33% to 40% during the same period. The Asian population has also seen a slight increase from 2% to 3%. These changes in demographics and income levels may influence future affordable housing needs in the area.
Zip code 80223 in Denver has a substantial LIHTC-funded affordable housing presence, covering about 7.2% of the estimated housing inventory. The area has seen continuous investment in affordable housing over three decades, with a concentration of development in the 2000s. The housing stock is diverse, primarily consisting of smaller units. The zip code has experienced population growth, significant income increases, and slight shifts in racial demographics over the past decade, factors that may shape future affordable housing needs and development in the area.
