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Affordable Housing Analysis in Zip Code 98407: LIHTC Funded Inventory and Demographics
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 98407 in Tacoma, Washington, has a population of 21,165 as of 2022. The Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory in this area comprises 617 total units, with 102 designated as low-income units. Based on an estimated 8,109 housing units in the zip code, LIHTC funded affordable housing represents approximately 7.6% of the total housing inventory.
The LIHTC program has invested $390,563 in project tax credits for affordable housing in zip code 98407. This equates to an average federal funding of about $633 per unit when divided by the total number of LIHTC funded units. This zip code accounts for 0.04% of the total state LIHTC funding, indicating a relatively small portion of Washington's overall affordable housing investment.
The affordable housing presence in zip code 98407 dates back to at least 2005, with the completion of the Redwood Juniper Apartments. This project, along with Northpoint At Creekside, represents the known LIHTC funded developments in the area. The 2000s saw the most affordable housing activity in this zip code.
The LIHTC funded housing inventory in zip code 98407 is diverse, with a total of 617 units. The breakdown of units includes 297 one-bedroom, 302 two-bedroom, and 18 three-bedroom apartments. This distribution suggests a focus on accommodating small to medium-sized households.
Over the past decade, the population in zip code 98407 has remained relatively stable, with minor fluctuations. The median income has shown a significant upward trend, increasing from $76,987 in 2013 to $98,735 in 2022. This rise in median income could potentially impact the demand for affordable housing in the area.
Racial demographics have remained fairly consistent, with a slight decrease in the white population from 82% in 2019 to 79% in 2022. There has been a small increase in Asian and multi-racial residents, indicating a gradual shift towards greater diversity.
Zip code 98407 in Tacoma, Washington, has a modest LIHTC funded affordable housing inventory, covering about 7.6% of the estimated total housing units. The area has seen investment in affordable housing through the LIHTC program, with projects dating back to at least 2005. The housing stock is diverse, catering primarily to small and medium-sized households. Despite the rising median income over the past decade, the presence of LIHTC funded housing continues to play a role in maintaining housing affordability in this community.
