Loading Content...
Affordable Housing in Bardstown: LIHTC Inventory and Demographic Trends
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Bardstown, Kentucky, known as the "Bourbon Capital of the World," has a modest Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city contains 46 total units in LIHTC funded projects, with 28 of these designated as low-income units. Based on the estimated 10,624 housing units in Bardstown, the LIHTC funded affordable housing comprises approximately 0.43% of the city's housing inventory.
Bardstown has two LIHTC funded projects: Colonial Woods Apartments and Bard Homestead. Colonial Woods Apartments was completed in 1993, while Bard Homestead was finished in 1999. This indicates that affordable housing has been present in the city for nearly three decades. The 1990s saw the most affordable housing development activity in Bardstown.
The inventory of LIHTC funded units in Bardstown consists of 22 one-bedroom units, 20 two-bedroom units, and 4 three-bedroom units. This distribution suggests a focus on smaller households and families.
Over the past decade, Bardstown's population has grown steadily, increasing from 25,986 in 2013 to 27,729 in 2022. During this same period, the median income rose from $48,063 in 2013 to $66,593 in 2022, representing a 38.5% increase.
The racial composition of Bardstown has remained relatively stable, with the white population consistently comprising about 86-87% of the total. There has been a slight increase in diversity, with the Hispanic population growing from 2% in 2013 to 3% in 2022, and the Asian population increasing from 0% to 1% during the same period.
Despite the population growth and rising median income, there have been no new LIHTC projects in Bardstown over the last decade. This could be attributed to the relatively high median income, which may have reduced the perceived need for additional low-income housing. However, rising incomes can also lead to increased housing costs, potentially creating a need for more affordable options.
Bardstown's LIHTC funded affordable housing inventory, while modest, has been in place for nearly 30 years. The city's two projects provide 46 units, with a focus on one and two-bedroom apartments. Over the past decade, Bardstown has experienced population growth and a significant increase in median income, which may have influenced the lack of new LIHTC projects. However, the changing demographics and potential increase in housing costs could indicate a need for reassessment of affordable housing needs in the future.
