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Affordable Housing in Georgetown, Kentucky: LIHTC's Impact on a Growing 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
Georgetown, Kentucky, located in Scott County, is a city with a population of 41,669 as of 2022. It is known for its horse farms and as the location of Toyota Motor Manufacturing Kentucky. The city has experienced significant development, including in its affordable housing sector. The Low-Income Housing Tax Credit (LIHTC) program has been instrumental in providing affordable housing in Georgetown. The city's LIHTC-funded inventory comprises 275 affordable units, all designated as low-income units. This represents approximately 1.7% of the estimated 15,965 housing units in the city, based on the 2022 population and national average household size. Georgetown has received $1,175,348 in project tax credits through the LIHTC program. With 10 approximate projects, this equates to an average of $117,535 in federal funding per project. When divided by the total number of units, it amounts to about $4,274 in federal funding per unit. Georgetown's LIHTC funding represents 0.33% of the total state credits allocated to Kentucky.
The city's involvement with LIHTC-funded affordable housing began in 1992 with the Georgetown Terrace Phase II project and continued through 2009 with the completion of Harmony Village Apartments. This 17-year span demonstrates a sustained commitment to affordable housing development. The 2000s were the most active period for LIHTC projects in Georgetown, with six projects completed during this decade, including The Overlook At Elkhorn Creek and Elk River Apartments in 2005. The LIHTC-funded housing stock in Georgetown offers a range of unit types. The inventory includes 27 one-bedroom units, 129 two-bedroom units, and 65 three-bedroom units. This distribution suggests a focus on accommodating various family sizes and household compositions.
Georgetown has experienced steady population growth, increasing from 31,132 in 2010 to 41,669 in 2022, representing a 33.8% increase. Median income has also risen, from $64,175 in 2013 to $73,154 in 2022, indicating overall economic growth in the city. Racial demographics have remained relatively stable, with the white population constituting the majority at around 85-86% throughout the decade. There has been a slight increase in diversity, with the Hispanic population growing from 3% to 5% and the percentage of residents identifying as two or more races increasing from 2% to 4% between 2013 and 2022.
The correlation between these demographic trends and LIHTC development is notable. While the population has grown significantly, there have not been new LIHTC projects recorded since 2009. This could suggest that other housing options or affordable housing programs may be addressing the needs of the growing population, or that there might be a potential need for reassessment of affordable housing requirements in light of the city's growth. Georgetown's LIHTC-funded affordable housing inventory represents a small but significant portion of its housing stock. The city has leveraged federal funding to create a diverse range of affordable units over nearly two decades. While the LIHTC program has contributed to meeting affordable housing needs, the city's continued growth and changing demographics may warrant ongoing evaluation of affordable housing strategies to ensure they align with the evolving needs of the community.
