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Affordable Housing in Zip Code 21921: A Two-Decade LIHTC Impact Analysis
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 21921 in Elkton, Maryland, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area encompasses 99.76 square miles and has an estimated population of 46,990 as of 2022. The LIHTC program has funded 10 projects in this zip code, resulting in a total of 577 affordable housing units, of which 522 are designated as low-income units. Based on the estimated housing inventory of 18,004 units, the LIHTC-funded affordable housing covers approximately 3.2% of the zip code's housing stock.
The LIHTC program has been contributing to affordable housing in this zip code for over two decades. The first project, Foxridge Manor I, was completed in 1991, while the most recent project, The Villages At Belle Hill, was finished in 2013. This indicates a long-term commitment to affordable housing in the area.
The decade with the most affordable housing projects completed was the 1990s, with five projects: Foxridge Manor I and II, Elk Chase I and II, and Springford Gardens. The 2000s and early 2010s saw continued development with projects like Glen Creek Apts, Villas At Whitehall, Elkton Senior Housing, and Homes At Elkton/Gardens@Chesapeake.
Regarding unit types, the inventory includes 81 one-bedroom units, 168 two-bedroom units, and 44 three-bedroom units. This distribution suggests a focus on accommodating various household sizes, from individuals to small families.
Over the past decade, the zip code has experienced population growth, increasing from 43,640 in 2013 to 46,990 in 2022. Median income has also risen, from $70,224 in 2013 to $79,091 in 2022, indicating overall economic improvement in the area.
The racial composition has remained relatively stable, with a slight decrease in the white population (from 83% in 2013 to 77% in 2022) and small increases in other racial groups. The Hispanic population has grown from 4% to 6% during this period.
Despite the lack of new LIHTC projects since 2013, the demographic trends suggest a potential need for additional affordable housing. The population growth and rising median income could be putting pressure on housing affordability for lower-income residents.
Zip code 21921 has an established foundation of LIHTC-funded affordable housing, with 10 projects providing 577 units. While these units represent a small percentage of the total housing stock, they play a crucial role in providing affordable options. The area has seen consistent population growth and rising incomes over the past decade, which may indicate a need for continued investment in affordable housing to ensure that lower-income residents can remain in the community as it develops.
