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Affordable Housing in Zip Code 37174: Spring Hill's LIHTC Project
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 37174, encompassing Spring Hill in Tennessee, has a population of 47,511 as of 2022. This zip code contains one Low-Income Housing Tax Credit (LIHTC) funded affordable housing project, which provides 32 affordable units, all classified as low-income. The estimated housing inventory in the zip code is 18,203 units, with LIHTC-funded affordable housing comprising approximately 0.18% of the total housing stock.
The LIHTC program has allocated $1,055,853 in tax credits for affordable housing in zip code 37174. This equates to an average federal funding of $32,995 per unit. This investment represents 0.23% of Tennessee's total LIHTC funding allocation. The sole LIHTC-funded project in this zip code is Spring Hill Village, completed in 2020. This development consists of 32 units, including 8 one-bedroom and 24 two-bedroom apartments.
Zip code 37174 has experienced significant population growth over the past decade, increasing from 24,835 in 2010 to 47,511 in 2022. The median income in the area has fluctuated, peaking at $100,772 in 2018 before decreasing to $88,466 in 2022. This recent decline in median income may indicate an increasing need for affordable housing options.
The racial composition of zip code 37174 has remained relatively stable. The white population decreased slightly from 86% in 2013 to 84% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 3% to 7% and the Black population remaining steady at around 5% during this period.
Zip code 37174 in Spring Hill, Tennessee, has seen the introduction of LIHTC-funded affordable housing in recent years, with one project providing 32 low-income units. This represents a small portion of the estimated housing inventory but marks a significant step in addressing affordable housing needs in a rapidly growing area. The demographic trends, including population growth and fluctuating median income, suggest an ongoing need for affordable housing options in this community.
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