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Affordable Housing in Austin's 78704 Zip Code: LIHTC Projects and Demographic Shifts
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The 78704 zip code in Austin, Texas, known for South Congress Avenue and local businesses, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 533 total units in LIHTC-funded projects, with 306 designated as low-income units. These units represent approximately 2.8% of the estimated 19,282 housing units in the zip code.
The zip code contains 11 LIHTC-funded projects, indicating a sustained commitment to affordable housing. The earliest recorded project, Autumn Ridge Apartments, was completed in 1989, while Bluebonnet Studios was finished in 2016. This 27-year span demonstrates ongoing efforts to provide affordable housing in the area.
The 1990s and early 2000s saw the completion of several projects, including Lindy's Landing in 1994 and Heights on Congress in 2001. The distribution of units shows a focus on smaller households, with 181 one-bedroom units, 83 three-bedroom units, 77 two-bedroom units, and 8 four-bedroom units. One project, Oak Creek Village, targets individuals with special needs, addressing diverse housing requirements within the community.
The 78704 zip code has experienced significant demographic changes over the past decade. The population increased from 42,149 in 2013 to 50,327 in 2022, a 19.4% growth. This growth coincided with a substantial rise in median income, from $61,670 in 2013 to $86,809 in 2022, a 40.8% increase.
The racial composition of the area has remained relatively stable. The white population decreased slightly from 66% in 2013 to 62% in 2022. The Hispanic population also decreased from 27% to 25% during the same period. The Black population increased from 2% to 4%, and the Asian population from 1% to 3%. Despite overall income growth, the continued development of LIHTC projects suggests an ongoing need for affordable housing in this increasingly affluent area.
The 78704 zip code in Austin demonstrates a consistent commitment to affordable housing through LIHTC-funded projects. These projects provide crucial low-income housing options in an area experiencing significant population growth and rising median incomes. The diversity of unit types and the inclusion of special needs housing indicate efforts to meet varied affordable housing needs. As the area continues to evolve demographically, LIHTC-funded housing remains important in maintaining socioeconomic diversity within this Austin neighborhood.
