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Affordable Housing for Seniors in Zip Code 31220: A LIHTC-Funded Project Analysis
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 31220 in Macon-Bibb County, Georgia, contains a single Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. The area has a total of 10 affordable housing units, with 8 of these designated as low-income units. Based on the estimated 6,123 housing units in the zip code, the LIHTC funded affordable housing comprises approximately 0.16% of the total housing inventory.
The LIHTC program has invested $970,143 in project tax credits for affordable housing in this zip code. This equates to an average federal funding of $97,014 per unit. Zip code 31220 accounts for 0.29% of the total LIHTC funding allocated to the state of Georgia.
The Gardens Apartments, completed in 2019, is the sole LIHTC funded project in this zip code. This development marks the introduction of LIHTC funded affordable housing in the area. The project consists of 3 one-bedroom units and 7 two-bedroom units, accommodating various household sizes.
The Gardens Apartments is specifically designed as housing for older persons, addressing the needs of this demographic. This focus on senior housing indicates a recognized demand for affordable living options for the aging population in the community.
Demographic data for zip code 31220 shows notable shifts over the past decade. The population has increased from 12,651 in 2015 to 15,982 in 2022, demonstrating steady growth. Median income has fluctuated, peaking at $78,970 in 2021 before decreasing to $65,180 in 2022.
Racial demographics have also changed. The Black population has increased from 28% in 2015 to 43% in 2022, while the White population has decreased from 63% to 49% during the same period. These changes in racial composition may reflect evolving housing needs and preferences in the community.
The introduction of LIHTC funded housing in 2019 coincides with a period of population growth and racial demographic shifts, suggesting a response to changing community needs.
Zip code 31220 in Macon-Bibb County has a modest LIHTC funded affordable housing inventory, with one project providing 10 units, 8 of which are designated as low-income. The focus on housing for older persons addresses a specific community need. The LIHTC funded units represent a small percentage of the total housing stock but play a role in providing affordable options, particularly for seniors. The recent implementation of LIHTC funding in this area, combined with demographic changes, indicates an evolving approach to meeting the community's housing needs.
