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Affordable Housing Impact in Old Louisville: LIHTC's Long-term Influence on Urban Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Old Louisville, a historic neighborhood in Louisville, Kentucky, contains a substantial inventory of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood has 1,684 total units in LIHTC-funded projects, with 1,137 designated as low-income units. Based on the estimated 4,274 housing units in the neighborhood, LIHTC-funded affordable housing comprises approximately 39.4% of the neighborhood's housing inventory, indicating a significant presence of affordable housing options.
The LIHTC program has invested $25,255,155 in project tax credits for affordable housing in Old Louisville. This investment translates to an average federal funding of about $15,000 per unit across all LIHTC-funded projects in the neighborhood. The longevity of affordable housing in Old Louisville is notable, with projects dating from 1992 to 2018. This 26-year span demonstrates a sustained commitment to affordable housing in the area.
The 1990s saw the most significant development of affordable housing projects in Old Louisville. Notable projects from this era include the Hampton Place Apartments Phase I and Bradford Pointe Apartments, both completed in the early 1990s. The 2000s also saw continued development, with projects such as Pioneer Park Terrace and Grandpark Partners, Ltd. I completed in 2000.
The LIHTC-funded housing in Old Louisville offers a diverse range of unit types. The inventory includes 289 one-bedroom units, 671 two-bedroom units, 592 three-bedroom units, and 71 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, Old Louisville has experienced demographic shifts that correlate with its affordable housing landscape. The population has grown from 10,059 in 2015 to 11,156 in 2022, indicating an increasing demand for housing. Concurrently, the median income has risen from $20,716 in 2015 to $27,046 in 2022, suggesting some economic improvement in the area.
The racial composition of Old Louisville has remained relatively stable, with a slight decrease in the white population from 70% in 2015 to 61% in 2022, and a small increase in the Black population from 21% to 27% over the same period. This diversity aligns with the goal of affordable housing to serve a broad range of community members.
Old Louisville demonstrates a significant commitment to affordable housing through its LIHTC-funded projects. With nearly 40% of its estimated housing inventory dedicated to affordable units, the neighborhood has a substantial foundation for addressing low-income housing needs. The long-term investment in affordable housing, spanning from the early 1990s to the late 2010s, reflects a consistent effort to maintain and expand housing options for lower-income residents. The diversity in unit types and the correlation with demographic trends suggest that the LIHTC program has played a crucial role in shaping the housing landscape of Old Louisville, contributing to its socio-economic fabric over the past three decades.
