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Affordable Housing in Zip Code 38127: Two Decades of LIHTC Development in Memphis
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 38127 in Memphis, Tennessee, contains a significant inventory of affordable housing funded by the Low-Income Housing Tax Credit (LIHTC) program. This area has 1,381 total units in LIHTC-funded projects, with 979 designated as low-income units. Based on the 2022 population of 40,258 and the national average household size of 2.61, the estimated 15,425 housing units in the zip code include approximately 8.95% LIHTC-funded affordable housing.
The LIHTC projects in zip code 38127 have received $3,052,024 in project tax credits, averaging about $2,210 in federal funding per unit. This zip code accounts for 0.66% of Tennessee's total LIHTC funding, indicating a notable concentration of affordable housing investment in this area.
Affordable housing development in this zip code spans two decades, with projects dating from 1992 to 2012. The earliest project, St Kitts Sfd I, was completed in 1992, while the most recent, Northside Manor Apts, was finished in 2012. The 1990s saw the highest number of affordable housing projects completed, with six projects finished between 1992 and 1993, including Ashland Sfd, Paullus Avenue Sfd, and Pueblo Sfd.
The zip code offers diverse affordable housing options. The inventory includes 101 one-bedroom units, 792 two-bedroom units, 238 three-bedroom units, and 43 four-bedroom units, accommodating families of various sizes.
Demographic trends in zip code 38127 show some changes over the past decade. The population decreased from 45,088 in 2013 to 40,258 in 2022, a decline of 10.7%. Despite this population decrease, the median income increased from $27,541 in 2013 to $31,533 in 2022, representing a 14.5% growth. Racial demographics remained relatively stable, with a slight increase in the Black population from 80% in 2013 to 84% in 2022, and a decrease in the White population from 14% to 10%. The Hispanic population remained steady at approximately 3%.
The absence of new LIHTC projects since 2012 may be related to the declining population and increasing median income, potentially reducing the perceived need for additional affordable housing in recent years. Zip code 38127 in Memphis demonstrates a substantial LIHTC-funded affordable housing inventory, covering nearly 9% of its estimated housing stock. The area has seen significant investment in affordable housing over two decades, with a diverse range of unit types available. These demographic trends and housing developments provide insight into the changing landscape of affordable housing in this Memphis zip code.
