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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 37128 in Murfreesboro, Tennessee, has a population of 69,125 as of 2022. The Low-Income Housing Tax Credit (LIHTC) program has funded 285 affordable housing units in this area, all of which are designated as low-income units. Based on the estimated 26,485 housing units in the zip code, LIHTC-funded affordable housing represents approximately 1.08% of the total housing inventory.
The LIHTC program has invested $2,560,014 in tax credits for affordable housing projects in this zip code. This translates to an average federal funding of about $8,982 per unit. Notably, this zip code accounts for 0.56% of the total LIHTC funding allocated to Tennessee.
Affordable housing has been present in this zip code since 1990, with the completion of Tivoli Place Apartments. The most recent project, Cason Ridge Apartments, was completed in 2017, indicating a 27-year span of LIHTC-funded affordable housing development in the area. The 2010s saw the most activity, with two projects completed during this decade: Green Meadow Apartments in 2016 and Cason Ridge Apartments in 2017.
The affordable housing inventory in this zip code consists of 28 one-bedroom units, 124 two-bedroom units, and 97 three-bedroom units. This distribution suggests a focus on accommodating families and households of various sizes.
Over the past decade, the zip code has experienced significant population growth, increasing from 35,335 in 2010 to 69,125 in 2022. The median income has also risen, from $71,985 in 2013 to $82,996 in 2022. Despite this economic growth, the completion of two LIHTC projects in 2016 and 2017 indicates a continued need for affordable housing options.
The racial demographics have remained relatively stable, with a slight decrease in the white population from 79% in 2013 to 71% in 2022, and small increases in Asian, Black, and Hispanic populations. This gradual diversification may have influenced the need for more affordable housing options in the area.
Zip code 37128 has seen steady development of LIHTC-funded affordable housing over nearly three decades, with a focus on family-sized units. While the 285 low-income units represent a small percentage of the total housing inventory, they play a crucial role in providing affordable options in an area experiencing significant population growth and rising median incomes. The continued investment in affordable housing projects, particularly in the 2010s, suggests an ongoing commitment to addressing housing needs in this rapidly growing community.