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Affordable Housing in Louisville's University Neighborhood: LIHTC's Impact on Urban Housing Landscape
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 University neighborhood in Louisville, Kentucky, possesses a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area contains 128 total units in LIHTC-funded projects, including 92 low-income units. Based on an estimated 1,105 housing units in the neighborhood, LIHTC-funded affordable housing comprises approximately 11.6% of the neighborhood's housing inventory, approaching the target percentage for a well-balanced community.
The LIHTC program has made substantial investments in the University neighborhood, with project tax credits totaling $1,374,673. This equates to an average federal funding of about $10,740 per unit in LIHTC-funded projects. The neighborhood has experienced consistent development of affordable housing over time, with projects completed from 1994 to 2008. The earliest project, Landmark Square Apartments, was constructed in 1994, while the most recent, Louisville Scholar House, was completed in 2008. This 14-year span demonstrates a long-term commitment to affordable housing in the area.
The 1990s witnessed the most activity in affordable housing development, with two projects completed during this decade. The housing inventory includes a diverse mix of unit types, with 22 one-bedroom, 59 two-bedroom, 29 three-bedroom, and 18 four-bedroom units. This variety accommodates different household sizes and needs within the low-income population.
Over the last decade, the University neighborhood has experienced significant demographic changes. The population has grown from 2,119 in 2014 to 2,883 in 2022, an increase of approximately 36%. During this same period, the median income rose from $16,301 to $24,500, indicating an overall improvement in economic conditions.
Racial demographics have remained relatively stable, with a slight increase in diversity. The white population decreased marginally from 71% in 2014 to 72% in 2022, while the Hispanic population increased from 2% to 5%. The Black population decreased from 20% to 14% during this period.
These demographic shifts, particularly the increase in median income, may have influenced the lack of new LIHTC projects in the last decade. However, it is important to note that the median income in 2022 ($24,500) remains relatively low, suggesting an ongoing need for affordable housing options.
The University neighborhood in Louisville has a significant LIHTC-funded affordable housing presence, covering about 11.6% of the estimated housing inventory. The neighborhood has benefited from consistent affordable housing development from 1994 to 2008, with a diverse mix of unit types to accommodate various household sizes. While demographic trends show population growth and increasing median income over the past decade, the relatively low median income in 2022 suggests a continued need for affordable housing options. The LIHTC program has played a crucial role in addressing this need, providing substantial funding for affordable housing development in the area.
