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Affordable Housing in Princeton, Kentucky: LIHTC's Impact on a Small Urban Area
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Princeton, Kentucky, with a population of 8,946 as of 2022, has one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project. This project provides 32 low-income units, accounting for approximately 0.93% of the city's estimated 3,428 housing units.
The LIHTC program has allocated $171,512 in tax credits to Princeton for affordable housing development. This allocation represents 0.05% of Kentucky's total state funding for affordable housing. The average federal funding per project is $171,512, and the average funding per unit is $5,360.
Franklin Place Senior Apartments, completed in 2005, is the only LIHTC-funded project in Princeton. This development has provided affordable housing in the city for over 15 years. It consists of 32 units, including 26 one-bedroom and 6 two-bedroom apartments, all designated as low-income units.
Princeton's population has slightly declined over the past decade, decreasing from 9,374 in 2013 to 8,946 in 2022. The median income has fluctuated, rising from $45,563 in 2013 to $52,983 in 2022. The city's racial composition has remained relatively stable, with a predominantly white population (86% in 2022) and a slight increase in diversity, particularly in the Black and Hispanic populations.
No new LIHTC projects have been developed in Princeton since 2005. This lack of development could be attributed to various factors, including changes in housing needs, local development priorities, or availability of funding.
Princeton's LIHTC-funded affordable housing inventory consists of one project providing 32 low-income units, primarily serving seniors. This project represents a small portion of the city's estimated housing stock but has been a consistent source of affordable housing for over 15 years. The demographic trends show a slightly declining population with minor increases in income and diversity, which may influence future affordable housing needs in the city.
