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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 37075, located in Hendersonville, Tennessee, contains 450 total units in Low-Income Housing Tax Credit (LIHTC) funded projects, with 162 of these designated as low-income units. Based on the 2022 population of 70,921 and an estimated 27,173 housing units, the LIHTC funded affordable housing covers approximately 1.66% of the zip code's estimated housing inventory.
The LIHTC projects in this zip code have received $2,107,252 in tax credits, averaging $4,683 per unit in federal funding. This represents 0.46% of Tennessee's total LIHTC funding allocation, indicating a significant investment in affordable housing for this area.
Affordable housing has been a part of this zip code since 1988, with the most recent project completed in 2016. The 1980s and 1990s saw the most activity in LIHTC funded housing development, with four projects completed during these decades. Notable projects include Southburn SFD and Cardinal SFD, both completed in 1988, and Waterview Commons Phase I and II, completed in 1995.
The LIHTC funded housing in this zip code offers a diverse range of unit types, with a focus on family-sized accommodations. There are 16 one-bedroom units, 280 two-bedroom units, and 82 three-bedroom units, catering to various household sizes and needs.
Over the past decade, the zip code has experienced steady population growth, increasing from 59,187 in 2013 to 70,921 in 2022. During this period, median income also rose from $77,203 in 2013 to $87,979 in 2022, indicating overall economic improvement in the area.
The racial composition of the zip code has remained relatively stable, with a slight decrease in the white population from 86% in 2013 to 83% in 2022. There has been a small increase in diversity, with the Black population growing from 6% to 8%, and the Asian population from 1% to 2% during this period.
Despite the rising median income, the completion of the Waterview Apartments LIHTC project in 2016 suggests a continued need for affordable housing options in the area, possibly to accommodate the growing population and maintain economic diversity.
Zip code 37075 has an established history of LIHTC funded affordable housing, with projects dating back to 1988. While these units represent a small percentage of the total estimated housing inventory, they provide crucial affordable options in an area experiencing population growth and rising median incomes. The mix of unit sizes suggests a focus on accommodating diverse household needs, particularly families. The continued development of LIHTC projects, even as recently as 2016, indicates an ongoing commitment to maintaining affordable housing options in this growing community.