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Affordable Housing in Flatwoods, Kentucky: LIHTC Program Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Flatwoods, Kentucky, with a population of 7,339 as of 2022, has utilized the Low-Income Housing Tax Credit (LIHTC) program to enhance its affordable housing inventory. The city has 80 affordable housing units, all designated as low-income units. These LIHTC-funded units represent approximately 2.84% of the city's estimated 2,812 housing units.
Flatwoods has received $804,390 in project tax credits through the LIHTC program. With three projects, this equates to an average federal funding of $268,130 per project and $10,055 per unit. The city accounts for 0.22% of Kentucky's total LIHTC funding.
The first LIHTC project in Flatwoods, Brentwood Apartments III, was completed in 1997, and the most recent, Raceland Meadows, in 2013. This indicates a 16-year presence of affordable housing in the city. The 1990s saw the highest number of affordable housing project completions in Flatwoods.
The LIHTC-funded housing in Flatwoods comprises 28 one-bedroom units, 44 two-bedroom units, and 8 three-bedroom units. This unit mix accommodates various household sizes within the low-income population.
Flatwoods has experienced demographic changes over the past decade. The population increased slightly from 7,171 in 2013 to 7,339 in 2022. Median income rose from $41,208 in 2013 to $55,693 in 2022, suggesting improved economic conditions for residents.
The racial composition of Flatwoods has remained predominantly white (96% in 2022), with a slight increase in diversity. Recent years have seen small percentages of Black (1%), Hispanic (1%), and multiracial (2%) residents.
Flatwoods has utilized the LIHTC program to provide 80 affordable housing units, constituting 2.84% of its estimated housing stock. The city has received over $800,000 in tax credits, averaging $10,055 per unit. While the affordable housing inventory has not significantly expanded recently, existing projects offer a mix of unit sizes for various low-income household needs. The city's demographic trends show a stable population with increasing median income, potentially influencing future affordable housing needs and development.
