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Affordable Housing Analysis in Zip Code 85014: LIHTC Funding and Demographic Trends
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 85014 in Phoenix, Arizona, contains 256 total affordable housing units, with 255 designated as low-income units. These units, funded by Low-Income Housing Tax Credit (LIHTC), represent approximately 2.55% of the estimated 10,041 housing units in the zip code. The LIHTC projects in this area have received $3,799,531 in tax credits, averaging about $14,842 per unit. This funding accounts for 1.85% of Arizona's total LIHTC allocation, indicating a significant investment in affordable housing for the area.
Affordable housing has been present in this zip code since at least 2007, with the most recent project completed in 2013. The 2010s saw the most affordable housing projects completed, including Encanto Pointe in 2012 and Madison Gardens Senior Community in 2013. The affordable housing inventory in this zip code consists primarily of one-bedroom units (157), followed by three-bedroom units (34), two-bedroom units (30), and four-bedroom units (8). This distribution suggests a focus on housing for smaller households and families.
One project, Meadowbrook Housing, completed in 2007, specifically targets individuals with chronic substance abuse issues. This specialized housing may provide necessary support services for this vulnerable population.
Over the past decade, zip code 85014 has experienced population growth, increasing from 23,761 in 2013 to 26,207 in 2022. The median income has also risen significantly, from $46,238 in 2013 to $54,922 in 2022. This income growth may indicate a changing economic landscape in the area.
Racial demographics have remained relatively stable, with a slight decrease in the white population (from 55% in 2013 to 51% in 2022) and small increases in Asian and multiracial populations. The Hispanic population has maintained a consistent presence at around 30% of the total population.
Zip code 85014 in Phoenix has a modest but significant LIHTC-funded affordable housing presence, covering about 2.55% of the estimated housing inventory. The area has seen consistent investment in affordable housing over the years, with projects targeting various needs, including specialized housing for individuals with chronic substance abuse issues. While the zip code has experienced population and income growth over the past decade, the racial demographics have remained relatively stable. This analysis provides insights into the affordable housing landscape of the area and its relationship to demographic trends.
