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Affordable Housing Analysis: Zip Code 40207 in St. Matthews, Kentucky
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 40207, located in St. Matthews, Kentucky, encompasses an area of 12.56 square miles with a population of 30,132 as of 2022. This zip code contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory, comprising 303 total affordable units. All of these units are designated as low-income units. Based on the estimated housing inventory of 11,545 units, LIHTC funded affordable housing represents approximately 2.62% of the zip code's housing stock.
The LIHTC program has invested $341,063 in tax credits for affordable housing projects in zip code 40207. This investment translates to an average federal funding of $1,125 per unit. Notably, this zip code holds 0.09% of Kentucky's total LIHTC funding allocation. Affordable housing has been present in this zip code for over three decades. The first LIHTC project, "107 Fenley Ave," was completed in 1992, while the most recent project, "Village Manor Apartments," was finished in 2005. The 1990s saw the most affordable housing development activity in this area.
The affordable housing inventory in zip code 40207 consists of a mix of unit types. There are 47 one-bedroom units, 163 two-bedroom units, 6 three-bedroom units, and 8 four-bedroom units. This distribution indicates a focus on accommodating diverse household sizes, with a particular emphasis on smaller families or individuals.
Over the past decade, the population in zip code 40207 has remained relatively stable, with a slight decrease from 31,237 in 2015 to 30,132 in 2022. Despite this minor population decline, the median income has shown a significant increase, rising from $78,223 in 2015 to $95,118 in 2022. This upward trend in income may suggest a decreasing need for additional affordable housing in recent years.
The racial composition of zip code 40207 has remained fairly consistent, with a slight decrease in the white population from 91% in 2015 to 89% in 2022, and small increases in Asian and Black populations. The Hispanic population has remained stable at around 3-4% during this period.
Zip code 40207 in St. Matthews, Kentucky, has an established LIHTC funded affordable housing inventory that covers about 2.62% of its estimated housing stock. The area has seen LIHTC investments spanning from 1992 to 2005, with a mix of unit types catering to various household sizes. While the population has remained relatively stable over the past decade, there has been a notable increase in median income, which may have influenced the lack of new LIHTC projects in recent years. The racial composition has shown slight shifts towards increased diversity, but remains predominantly white. This analysis provides an objective view of the LIHTC funded affordable housing landscape in zip code 40207, acknowledging that other programs may also contribute to the overall affordable housing inventory.
