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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Schnitzelburg, a neighborhood in Louisville, Kentucky, possesses a unique Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. The neighborhood contains one LIHTC project that provides 57 affordable housing units, all of which are designated as low-income units. Based on the 2022 population of 4,067 and using the national average household size, the estimated number of housing units in the neighborhood is approximately 1,558. The LIHTC funded affordable housing accounts for about 3.66% of the estimated housing inventory in Schnitzelburg.
The LIHTC project in Schnitzelburg received $1,111,389 in tax credits. With 57 total units, this equates to an average federal funding of approximately $19,498 per unit. The project, named Stoddard Johnston Scholar House, was completed in 2011, marking the inception of LIHTC-funded affordable housing in the neighborhood.
Stoddard Johnston Scholar House comprises 48 two-bedroom units and 9 three-bedroom units, offering a range of housing options for families of different sizes. This distribution indicates a focus on accommodating small to medium-sized families in the affordable housing inventory.
Over the past decade, Schnitzelburg's population has remained relatively constant, with minor fluctuations. The median income has demonstrated a steady increase from $48,306 in 2013 to $67,024 in 2022, suggesting improving economic conditions for residents.
Regarding racial demographics, the neighborhood has maintained a predominantly white population, although there has been a slight decrease from 95% in 2014 to 87% in 2022. The Black population has experienced a small increase from 3% to 6% during this period, while the Hispanic population has remained stable at approximately 3% since 2019.
The completion of the LIHTC project in 2011 predates the available demographic data, making it difficult to directly correlate its impact with demographic changes. However, the rising median income and relatively stable population suggest that the affordable housing provided by this project may have contributed to maintaining economic diversity in the neighborhood as overall incomes increased.
Schnitzelburg's LIHTC funded affordable housing consists of a single project, Stoddard Johnston Scholar House, completed in 2011. This project provides 57 low-income units, primarily two and three-bedroom apartments, accounting for about 3.66% of the estimated housing inventory. The neighborhood has experienced stable population levels and increasing median incomes over the past decade, with slight shifts in racial demographics. While the LIHTC project contributes to the affordable housing stock, it represents a small portion of the overall estimated housing units in the neighborhood.