Loading Content...
Affordable Housing in Zip Code 22701: Analysis of LIHTC Projects in Culpeper, Virginia
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
Loading Content...
Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 22701, located in Culpeper, Virginia, has a significant presence of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. The area has 666 units in LIHTC-funded projects, with 588 designated as low-income units. Based on the 2022 population of 34,843 and an estimated 13,350 housing units, LIHTC-funded affordable housing represents approximately 5% of the total housing inventory in this zip code.
The LIHTC projects in zip code 22701 have received $3,435,439 in tax credits, averaging about $5,158 in federal funding per unit. This zip code accounts for 0.75% of Virginia's total LIHTC funding, indicating a significant investment in affordable housing for the area.
Affordable housing has been a priority in zip code 22701 since 1999, with projects continuing through 2018. The first LIHTC project, Culpeper Commons II, was completed in 1999, while the most recent, Arbors of Culpeper, was finished in 2018. The 2000s saw the most activity in affordable housing development, with six projects completed during this decade, including Mountain Run, Ann Wingfield Commons, and Belle Courts.
The LIHTC-funded projects in zip code 22701 offer a diverse range of unit types. There are 88 one-bedroom units, 223 two-bedroom units, and 37 three-bedroom units, catering to various household sizes and needs.
Over the past decade, zip code 22701 has experienced steady population growth, increasing from 30,931 in 2013 to 34,843 in 2022. This 12.6% growth may have contributed to the ongoing need for affordable housing options.
Median income in zip code 22701 has fluctuated but shown an overall upward trend, rising from $68,457 in 2013 to $78,135 in 2022. Despite this increase, the continued development of LIHTC projects suggests a persistent demand for affordable housing options.
The racial composition of zip code 22701 has remained relatively stable, with a slight decrease in the white population from 68% in 2013 to 62% in 2022, and small increases in Hispanic and Black populations. This gradual diversification may have influenced the ongoing need for varied affordable housing options.
Zip code 22701 demonstrates a consistent commitment to affordable housing through its LIHTC-funded projects. With 666 total units, of which 588 are low-income, these developments play a crucial role in addressing housing needs for the area's diverse population. The steady implementation of LIHTC projects over two decades, coupled with demographic changes, underscores the ongoing importance of affordable housing initiatives in this community.
