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Affordable Housing in Kenawood-Rockwood-Hi-Acres-Deep Spring: A Decade of LIHTC Development
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
The Kenawood-Rockwood-Hi-Acres-Deep Spring neighborhood in Lexington-Fayette, Kentucky, contains 157 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units represent approximately 6.7% of the estimated 2,345 housing units in the neighborhood, based on the 2022 population of 6,121 and the national average household size.
LIHTC projects in this area have received $3,858,380 in tax credits, averaging about $24,575 per unit. The affordable housing development occurred between 2005 and 2010, with four projects completed during this period. The first project, Russell Cave Hope Vi, was completed in 2005, and the most recent, Bluegrass Phase IV Apartments, was finished in 2010.
The LIHTC-funded units offer a diverse mix of housing options: 58 one-bedroom units, 55 two-bedroom units, 30 three-bedroom units, and 5 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Demographic shifts have occurred in the neighborhood over the past decade. The population increased from 5,162 in 2018 to 6,121 in 2022, a growth of 18.6%. Median income rose modestly from $50,991 in 2018 to $53,389 in 2022, a 4.7% increase.
Racial distribution has remained relatively stable. The white population consistently represented the majority, ranging from 72% to 76% between 2018 and 2022. The Black population decreased slightly from 22% in 2018 to 16% in 2022, while the Hispanic population remained steady at approximately 3-6%.
No new LIHTC projects have been completed since 2010, despite demographic changes. This could be attributed to various factors, including changes in funding priorities, zoning regulations, or a shift in focus to other types of affordable housing programs not captured in this data.
In summary, the Kenawood-Rockwood-Hi-Acres-Deep Spring neighborhood has a significant LIHTC-funded affordable housing presence. The $3.8 million investment in tax credits has supported a diverse range of unit types. While the most recent LIHTC project was completed in 2010, the neighborhood has experienced population growth and modest income increases in the past decade. The existing affordable housing stock continues to play a crucial role in meeting the community's housing needs.
