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Affordable Housing in Radcliff, Kentucky: A 13-Year LIHTC Journey
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Radcliff, Kentucky, possesses a distinct Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The city contains 128 affordable housing units, with 65 units specifically designated as low-income. Based on the 2022 population of 25,804 and an estimated 9,887 housing units, LIHTC funded affordable housing comprises approximately 1.29% of the city's estimated housing inventory.
The city has received $2,247,917 in project tax credits from the LIHTC program. With approximately 4 projects, this equates to an average of $561,979 per project. The average federal funding per unit is $17,562. Radcliff holds 0.62% of the total state LIHTC funding, indicating its relative importance in Kentucky's affordable housing initiatives.
The initial LIHTC project in Radcliff, Cliffwood Apartments, was completed in 1998, while the most recent, Marbury Trace, was finished in 2011. This 13-year span demonstrates a sustained effort to provide affordable housing in the city. The 2000s experienced the most activity, with three out of four projects completed during this decade, including Beacon Hill Apartments and Tisbury Apartments, both finished in 2008.
The LIHTC funded projects in Radcliff primarily consist of two and three-bedroom units, with 45 two-bedroom and 74 three-bedroom units. This distribution suggests a focus on accommodating families or larger households.
Over the past decade, Radcliff's population has shown modest growth, increasing from 24,939 in 2016 to 25,804 in 2022. The median income has remained relatively stable, rising slightly from $50,806 in 2016 to $52,721 in 2022.
Regarding racial demographics, the city has maintained a consistent distribution, with the white population comprising about 59% of residents in recent years. The Black population has stabilized at around 23%, while the Hispanic population has remained steady at about 8%. The Asian population has seen a slight increase, growing from 2% to 3% over the past decade.
These demographic trends, particularly the stable income levels and consistent racial distribution, may explain why no new LIHTC projects have been initiated in the last decade. The existing affordable housing stock might be meeting the current needs of the population.
Radcliff's LIHTC funded affordable housing inventory, while modest in comparison to the overall housing stock, represents a consistent effort to provide low-income housing options. The city has leveraged federal funding to create a diverse range of units, primarily catering to families. The demographic stability in recent years may indicate that the current affordable housing stock is adequately serving the community's needs. However, ongoing monitoring of population growth and income trends will be crucial for future affordable housing planning in Radcliff.
