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Affordable Housing in Louisville's Russell Neighborhood: Three Decades of LIHTC Projects
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 Russell neighborhood in Louisville, Kentucky, contains Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood has 5 LIHTC projects, totaling 45 affordable housing units, all designated as low-income units. Based on the 2022 population of 7,766 and the national average household size, the estimated number of housing units in Russell is approximately 2,975. LIHTC funded affordable housing represents about 1.51% of the estimated housing inventory in the neighborhood.
The LIHTC program has contributed to affordable housing in Russell since at least 1992. The earliest recorded projects are "1939 Cedar St" and "2907 W Muhammad Ali Blvd". The "St Patrick Project" was completed in 1995, indicating that affordable housing has been present in the neighborhood for at least three decades. The 1990s saw the highest number of LIHTC project completions in Russell, with three projects finished during this period.
Russell has experienced demographic changes over the past decade. The population decreased from 8,563 in 2013 to 7,766 in 2022, a decline of about 9.3%. Despite this population decrease, the median income increased significantly, rising from $14,480 in 2013 to $29,445 in 2022, an increase of approximately 103%.
The racial composition of Russell has also changed slightly. The neighborhood remains predominantly African American, but the percentage of Black residents decreased from 86% in 2013 to 79% in 2022. Concurrently, the white population increased from 8% to 17% during the same period. The Hispanic population has remained relatively stable, fluctuating between 0% and 2% over the decade.
These demographic changes, particularly the rise in median income, may have influenced the need for additional LIHTC projects in recent years. The substantial increase in median income could suggest a reduced demand for low-income housing, potentially explaining why no new LIHTC projects appear to have been completed in the last decade.
The Russell neighborhood in Louisville has a small but established LIHTC-funded affordable housing presence, with 45 low-income units across 5 projects. These units represent about 1.51% of the estimated housing inventory. The majority of LIHTC projects were completed in the 1990s, indicating a long-standing commitment to affordable housing in the area. Over the past decade, Russell has experienced a slight population decline, a significant increase in median income, and some shifts in racial composition. These demographic changes, particularly the rise in median income, may have influenced the apparent lack of new LIHTC projects in recent years. However, other affordable housing programs not captured in this data may also be contributing to the neighborhood's housing landscape.
