Loading Content...
Affordable Housing in Independence, Kentucky: LIHTC's Impact on a Growing Suburban City
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Independence, Kentucky, with a population of 35,634 as of 2022, has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project provides 99 affordable units, all designated as low-income units. Based on the estimated housing inventory of 13,653 units, the LIHTC-funded affordable housing comprises approximately 0.73% of the city's housing stock.
The LIHTC program has invested $1,801,544 in tax credits for affordable housing in Independence. With one project funded, this translates to an average federal funding of $1,801,544 per project. The average federal funding per unit is approximately $18,198. Independence holds 0.5% of the total state LIHTC funding allocation.
The single LIHTC-funded project in Independence is Taylor Ridge Apartments, completed in 2015. This project marks the beginning of LIHTC-funded affordable housing in the city, representing the decade with the most affordable housing development. Taylor Ridge Apartments offers a mix of unit types, with 72 two-bedroom units and 27 three-bedroom units, catering to various family sizes within the low-income population.
Over the past decade, Independence has experienced steady population growth, increasing from 29,829 in 2010 to 35,634 in 2022. The median income has also shown an upward trend, rising from $75,761 in 2013 to $83,632 in 2022, with some fluctuations in between.
The racial composition of Independence has remained relatively stable, with the white population consistently representing the majority at around 94-95% of the total population. There has been a slight increase in diversity, with small growth in the Black and Asian populations, as well as those identifying as two or more races.
The completion of Taylor Ridge Apartments in 2015 aligns with a period of population growth and increasing median income in the city. This suggests that the development of affordable housing was a response to the growing needs of the expanding community, including those who may not have benefited as much from the overall income growth.
Independence, Kentucky has a single LIHTC-funded affordable housing project, Taylor Ridge Apartments, which provides 99 low-income units. This represents a small percentage of the city's estimated housing stock. The project, completed in 2015, coincides with a period of population growth and rising median incomes in the city. The LIHTC program has invested significantly in this project, with an average funding of $18,198 per unit. As Independence continues to grow and evolve demographically, ongoing assessment of affordable housing needs will be crucial to ensure balanced community development.
