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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 49512 in Kentwood, Michigan, has a population of 21,434 as of 2022 and an estimated housing inventory of 8,212 units. The Low-Income Housing Tax Credit (LIHTC) program has funded 214 affordable housing units in this area, with 126 of these specifically designated as low-income units. This LIHTC-funded affordable housing covers approximately 2.6% of the estimated housing inventory in the zip code.
The LIHTC program has provided $183,780 in tax credits for affordable housing projects in this zip code. With 214 total units funded, this translates to an average federal funding of about $859 per unit. This zip code holds 0.06% of the total state LIHTC funding, indicating a relatively small portion of Michigan's affordable housing investments.
Affordable housing has been present in this zip code since 1994, with the most recent project completed in 2013. This 19-year span demonstrates a consistent, though limited, focus on affordable housing development. The 2010s saw the most significant affordable housing development, with the completion of Summer Haven Senior Community in 2013.
The LIHTC-funded projects in this zip code offer a mix of unit types, with a predominance of one-bedroom (140 units) and two-bedroom (74 units) apartments. This distribution suggests a focus on housing for smaller households and potentially senior residents.
Over the past decade, the zip code has experienced steady population growth, increasing from 16,421 in 2010 to 21,434 in 2022. The median income has also risen, from $54,485 in 2013 to $67,946 in 2022, indicating overall economic improvement in the area.
Racial demographics have shown some shifts, with the white population decreasing from 66% in 2013 to 66% in 2022, while the Black population increased from 14% to 19% during the same period. The Asian population has remained relatively stable, fluctuating between 4% and 9% over the decade.
The completion of Summer Haven Senior Community in 2013 coincides with the beginning of a period of more rapid population growth and income increase in the zip code. This suggests that the affordable housing project may have been part of a broader development trend in the area.
Zip code 49512 has a modest LIHTC-funded affordable housing inventory, covering about 2.6% of its estimated housing stock. The area has seen consistent population growth and income increases over the past decade, with some shifts in racial demographics. While LIHTC investments have been limited, they have provided a mix of unit types, potentially catering to diverse housing needs within the community. The correlation between affordable housing development and overall growth in the area suggests that LIHTC projects have played a role in the zip code's development trajectory.