Loading Content...
Affordable Housing Development in Zip Code 20746: LIHTC Funding and Population Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 20746, located in Suitland, Maryland, contains a substantial Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area encompasses 1,347 total units in LIHTC-funded projects, with 1,306 of these units designated as low-income. Based on the 2022 population of 27,029 and an estimated 10,356 housing units, the LIHTC-funded affordable housing comprises approximately 13% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 20746 have received $1,119,780 in project tax credits, averaging about $831 per unit in federal funding. This zip code holds 0.77% of Maryland's total LIHTC funding, indicating a notable concentration of affordable housing investment in this area.
Affordable housing has been present in zip code 20746 for at least 16 years. The first recorded LIHTC project, Parkway Terrace Apartments, was completed in 2002, and the most recent, Belnor Senior Residences, in 2018. The 2000s saw the most affordable housing development, with five projects completed during this decade.
The LIHTC-funded projects in zip code 20746 offer a variety of unit types, including 130 one-bedroom units, 53 two-bedroom units, and 7 three-bedroom units. This distribution suggests a focus on housing for smaller households and families.
Over the past decade, the population of zip code 20746 has remained relatively stable, fluctuating between 25,658 and 27,029 residents. The median income has shown an overall increase from $66,705 in 2013 to $71,116 in 2022, suggesting a gradual improvement in economic conditions.
The racial composition of zip code 20746 has remained predominantly Black, with a slight decrease from 86% in 2013 to 86% in 2022. There has been a small increase in the Asian population (from 1% to 2%) and those identifying as two or more races (from 1% to 3%). The Hispanic population has remained relatively stable, fluctuating between 5% and 9% over the decade.
The consistent racial composition and gradual income increase, coupled with the steady development of LIHTC projects over the years, suggest a continued need for affordable housing in this area.
Zip code 20746 in Suitland, Maryland, has a substantial LIHTC-funded affordable housing inventory, covering approximately 13% of the estimated housing stock. The area has seen consistent development of affordable housing projects over nearly two decades, with a variety of unit types available. The demographic trends, including a stable population and gradual income increase, align with the ongoing investment in affordable housing through the LIHTC program.
