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Affordable Housing in Ashland, Kentucky: LIHTC's Impact on a River City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Ashland, Kentucky, a city with a population of 23,939 as of 2022, has a limited Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city covers an area of 10.77 square miles and has received funding for a total of 30 affordable housing units through the LIHTC program. Of these, 3 units are specifically designated as low-income. Based on an estimated housing inventory of 9,172 units, LIHTC-funded affordable housing represents approximately 0.33% of the city's housing stock.
The LIHTC program has provided Ashland with $443,524 in project tax credits. This funding has supported one project, resulting in an average federal funding of $443,524 per project and $14,784 per unit. Ashland's share of the total state LIHTC funding is 0.12%, indicating a relatively small portion of Kentucky's affordable housing resources allocated to the city.
Evergreen Square, completed in 2017, is the sole LIHTC-funded project in Ashland. This development comprises the entirety of the city's LIHTC-funded affordable housing and marks the inception of such initiatives in Ashland. Evergreen Square consists of 30 total units, including 15 one-bedroom units, 1 three-bedroom unit, and 14 four-bedroom units. This distribution suggests an effort to accommodate both individuals and larger families within the affordable housing framework.
Ashland's population has remained relatively stable over the past decade, with a slight decrease from 24,118 in 2010 to 23,939 in 2022. The median income has shown some fluctuation, increasing from $43,592 in 2013 to $50,183 in 2022. This modest income growth may indicate an ongoing need for affordable housing options in the city.
The racial composition of Ashland has remained largely consistent, with the white population maintaining a 92% majority throughout the decade. There has been a slight increase in diversity, with the Hispanic population growing from 1% to 3% and the two or more races category increasing from 2% to 4% between 2013 and 2022.
Ashland's LIHTC-funded affordable housing inventory, while limited, represents an initial step in addressing affordable housing needs. The single project, Evergreen Square, completed in 2017, provides a mix of unit sizes to accommodate various household compositions. While the LIHTC-funded units cover only a small percentage of the city's estimated housing stock, it is important to note that other housing programs may also contribute to the affordable housing inventory. The city's stable population and modest income growth suggest an ongoing need for affordable housing options, which may inform future development decisions.
