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Affordable Housing in Zip Code 40047: Two Decades of LIHTC Development in Mount Washington, Kentucky
CATEGORY
Affordable Housing
DATA
LIHTC Projects
Median Income
Racial Distributions
Population
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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Mount Washington, Kentucky, zip code 40047, has a population of 22,161 as of 2022. This zip code contains a Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory of 128 total units, with 92 designated as low-income units. The LIHTC funded affordable housing represents approximately 1.51% of the total housing stock, based on an estimated 8,491 housing units in the zip code.
The LIHTC program has invested $1,655,313 in tax credits for affordable housing projects in zip code 40047. This equates to an average federal funding of $12,932 per unit. The zip code accounts for 0.46% of Kentucky's total LIHTC funding allocation, indicating its contribution to the state's affordable housing efforts.
Affordable housing development in this community spans over two decades. The initial LIHTC project, Allison Apartments, was completed in 1999, while the most recent addition, Mt. Washington Terrace, was finished in 2017. The 2000s witnessed the highest activity in affordable housing development, with four projects completed during this period.
The LIHTC funded housing stock in zip code 40047 offers a range of unit types. There are 52 one-bedroom units, 52 two-bedroom units, and 24 three-bedroom units, providing options for various household sizes and needs.
Zip code 40047 has experienced significant population growth over the past decade, increasing from 18,638 in 2010 to 22,161 in 2022, representing an 18.9% growth rate. This suggests a rising demand for housing, including affordable options. Concurrently, the median income has increased from $68,801 in 2013 to $74,916 in 2022, a rise of 8.9%.
The racial composition of zip code 40047 has remained relatively stable. The white population decreased slightly from 96% in 2013 to 93% in 2022. There has been a small increase in diversity, with the Hispanic population growing from 2% to 3% and the two or more races category increasing from 1% to 3% during this period.
The most recent LIHTC project, Mt. Washington Terrace, was completed in 2017, aligning with the period of population growth and increasing median income. This suggests that affordable housing development has been responsive to the area's demographic changes and growing housing needs.
Zip code 40047 has a modest but significant LIHTC funded affordable housing inventory, covering 1.51% of the estimated housing stock. The area has seen consistent development of affordable housing over two decades, with the most recent project completed in 2017. The community has experienced notable population growth and income increases over the past decade, which may have influenced the need for affordable housing options. The LIHTC projects contribute to meeting affordable housing needs in the area.
