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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Taylor Berry, a neighborhood in Louisville, Kentucky, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The neighborhood's LIHTC inventory consists of 396 total units, with 381 specifically designated as low-income units. Based on the 2022 population of 6,171 and using the national average household size, approximately 2,364 housing units are estimated in the neighborhood. The LIHTC funded affordable housing covers about 16.8% of the estimated housing inventory, which aligns with the target percentage for affordable housing stock in a balanced community.
The LIHTC program has invested $1,908,481 in tax credits for affordable housing projects in Taylor Berry. This translates to an average federal funding of approximately $4,819 per unit. The neighborhood has benefited from LIHTC funded affordable housing for nearly three decades, with the first project, Lechner Scattered Sites, completed in 1994, and the most recent addition, Jacob School Senior Apartments, finished in 2018.
The 1990s saw the initiation of affordable housing development in Taylor Berry, with projects like Lechner Scattered Sites and Thoroughbred Square Apartments. The 2000s continued this trend with Nichols Meadows in 2005 and Partridge Pointe Apartments in 2009. The most recent project, Jacob School Senior Apartments, was completed in 2018, demonstrating ongoing commitment to affordable housing in the area.
The LIHTC funded housing in Taylor Berry offers a diverse range of unit types. There are 96 one-bedroom units, 161 two-bedroom units, 81 three-bedroom units, and 6 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, Taylor Berry has experienced a decline in population, from 7,222 in 2014 to 6,171 in 2022. Despite this decrease, the median income has shown an overall upward trend, rising from $28,290 in 2014 to $36,566 in 2022. This increase in median income, while still relatively low, might indicate a gradual economic improvement in the neighborhood.
The racial composition of Taylor Berry has remained diverse but has seen some shifts. The Black population has fluctuated between 37% and 48% over the past decade, while the White population has decreased from 48% in 2014 to 38% in 2022. The Hispanic population has shown a slight increase from 5% to 8% during this period. The neighborhood has also seen an increase in residents identifying as two or more races, from 1% in 2014 to 7% in 2022.
The completion of Jacob School Senior Apartments in 2018 aligns with the period of population decline and increasing median income, suggesting a continued need for affordable housing despite these demographic shifts.
Taylor Berry's LIHTC funded affordable housing inventory plays a crucial role in meeting the neighborhood's housing needs. With 396 total units, including 381 low-income units, the LIHTC program covers a significant portion of the estimated housing stock. The neighborhood has seen consistent development of affordable housing over nearly three decades, with projects catering to various household sizes. Despite a declining population, the rising median income and shifts in racial composition indicate ongoing demographic changes. The continued investment in affordable housing, as evidenced by the 2018 project, suggests a sustained commitment to addressing low-income housing needs in Taylor Berry.