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Affordable Housing in Portland, Louisville: LIHTC's Two-Decade Impact
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Portland, a neighborhood in Louisville, Kentucky, demonstrates a notable presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area contains 364 units in LIHTC-funded projects, with 262 designated as low-income units. Based on the 2022 population of 11,845 and the national average household size of 2.61, the estimated housing units in the neighborhood are approximately 4,538. LIHTC-funded affordable housing comprises about 8% of the estimated housing inventory, indicating a substantial contribution to the neighborhood's affordable housing needs.
The LIHTC program has invested $2,198,741 in project tax credits for affordable housing in Portland. This equates to an average federal funding of approximately $6,041 per unit in LIHTC-funded projects. The neighborhood exhibits a long-term commitment to affordable housing, with projects spanning from 1994 to 2015. The initial LIHTC project, St Xavier, was completed in 1994, while the most recent, Louisville Historic Rising 2014, was finished in 2015.
The 1990s witnessed the highest affordable housing development activity, with seven projects completed during this decade. Significant projects from this period include the Portland Project (1998) and Locher Apartments (1999). The early 2000s also experienced considerable activity, with projects such as Russell I Project and Russellport Single Family Homes, Ltd. I, both completed in 2001.
The affordable housing inventory in Portland is diverse, consisting of 87 one-bedroom units, 92 two-bedroom units, 110 three-bedroom units, and 38 four-bedroom units. This distribution suggests a focus on accommodating families of various sizes within the affordable housing stock.
Over the past decade, Portland has experienced a decline in population, from 14,888 in 2015 to 11,845 in 2022. Despite this decrease, the median income has shown a significant increase, rising from $21,991 in 2015 to $34,556 in 2022. This trend may indicate a changing economic landscape in the neighborhood.
Regarding racial demographics, the neighborhood has maintained a relatively stable composition. The white population has remained the majority, slightly increasing from 65% in 2015 to 66% in 2021, before decreasing to 65% in 2022. The Black population has seen a slight decrease from 30% in 2015 to 28% in 2022. There has been a small increase in the Hispanic population, from 1% in 2015 to 3% in 2022.
The last LIHTC project in Portland was completed in 2015. The subsequent years have seen rising median incomes, which might partially explain the lack of new LIHTC projects. However, other factors and housing programs not captured in this data could also be influencing affordable housing development in the area.
Portland, Louisville has a significant LIHTC-funded affordable housing presence, with 364 total units covering about 8% of the estimated housing inventory. The neighborhood has seen consistent affordable housing development from 1994 to 2015, with the most activity in the 1990s. The housing stock is diverse, catering to various family sizes. While the population has decreased over the past decade, median incomes have risen substantially. The racial composition has remained relatively stable, with a slight increase in diversity. These demographic shifts, particularly the rising median income, may be influencing recent affordable housing development patterns in the neighborhood.
