The city holds 0.16% of the total state LIHTC funding, which is a significant amount for a small city like Frankfort. Affordable housing has been present in Frankfort since at least 2010, with the completion of Gateway Village. The most recent project, Patterson Crossing, was completed in 2011. This indicates that LIHTC-funded affordable housing has been a part of the city's landscape for over a decade.

The LIHTC-funded housing in Frankfort consists primarily of one-bedroom and two-bedroom units, with 36 one-bedroom, 26 two-bedroom, and 12 three-bedroom units. This distribution suggests a focus on accommodating smaller households and families.

Over the past decade, Frankfort's population has shown a declining trend, decreasing from 1,902 in 2015 to 1,502 in 2022. Despite this population decrease, the median income has increased from $43,451 in 2015 to $54,346 in 2022, indicating an improvement in the economic conditions of the remaining residents.

The racial composition of Frankfort has remained predominantly white, with a slight increase in diversity. The percentage of white residents decreased slightly from 97% in 2017 to 93% in 2022, while the percentage of residents identifying as two or more races increased from 0% to 4% during the same period.

Frankfort's LIHTC-funded affordable housing inventory covers a significant portion of the city's estimated housing stock, aligning with recommended targets for affordable housing. The city has received substantial federal funding for its affordable housing projects, which have been present in the community for over a decade. The housing units are primarily designed for smaller households, with a focus on one-bedroom and two-bedroom apartments. Despite a declining population, the city has seen an increase in median income, suggesting changing economic dynamics that may influence future affordable housing needs.