Loading Content...
Affordable Housing in Old Owensboro: LIHTC Investment Shapes Neighborhood Landscape
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Old Owensboro, a neighborhood in Owensboro, Kentucky, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 322 total units in LIHTC funded projects, with 315 of these designated as low-income units. This inventory of affordable housing plays a role in meeting the community's needs.
Based on the 2022 population of 9,601 and using the national average household size of 2.61, there are approximately 3,679 housing units in the neighborhood. The 315 low-income units represent about 8.6% of this estimated housing inventory, indicating that LIHTC funded affordable housing covers a portion of the neighborhood's housing stock.
The LIHTC program has invested in Old Owensboro, with project tax credits totaling $19,396,763. This translates to an average federal funding of approximately $60,238 per unit, demonstrating a commitment to affordable housing in the area.
Affordable housing has been a feature of Old Owensboro, with projects spanning from 2006 to 2018. The first LIHTC project, Garden Grace, was completed in 2006, while the most recent additions were Collyns Estates and Owensboro Historic Residences, both completed in 2018. This 12-year span indicates a focus on affordable housing development in the neighborhood.
The 2000s saw the most affordable housing development, with six out of eight projects completed during this decade. Notable projects include The Learning Villa Scholar House (2008) and Horizon Place (2009).
The neighborhood's LIHTC funded housing stock is diverse, featuring 124 one-bedroom units, 197 two-bedroom units, and 1 three-bedroom unit. This distribution suggests a focus on accommodating various household sizes, with an emphasis on smaller families or individuals.
Over the past decade, Old Owensboro's population has remained relatively stable, fluctuating between 9,967 and 10,900 residents. The median income has shown an upward trend, increasing from $44,291 in 2013 to $55,065 in 2022. This rise in median income might indicate a need for affordable housing options to maintain economic diversity in the neighborhood.
Racial demographics have remained fairly consistent, with the white population comprising the majority (87-90%) throughout the decade. There has been a slight increase in diversity, with small but growing Hispanic and multi-racial populations. This demographic stability might explain the consistent development of affordable housing projects over the years.
Old Owensboro demonstrates a commitment to affordable housing through its LIHTC funded projects. With 315 low-income units representing about 8.6% of the estimated housing inventory, the neighborhood has made strides in providing affordable options. The consistent development of projects from 2006 to 2018, coupled with a diverse unit mix, reflects an effort to meet the community's evolving housing needs. While demographic trends show relative stability, the rising median income underscores the importance of maintaining and potentially expanding affordable housing options in the neighborhood.
