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Affordable Housing in Zip Code 40071: A Rural Kentucky Community's LIHTC Landscape
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 40071, encompassing Elk Creek in Kentucky, is a rural area with 16,261 residents as of 2022. This community contains two Low-Income Housing Tax Credit (LIHTC) funded affordable housing projects, totaling 72 units. All of these units are designated as low-income. The estimated housing inventory in the zip code is 6,230 units, with LIHTC-funded affordable housing representing approximately 1.16% of the total housing stock.
The LIHTC projects in zip code 40071 have received $1,354,038 in tax credits, averaging $18,806 per unit. This funding constitutes 0.38% of Kentucky's total LIHTC allocation, indicating a small but significant investment in affordable housing for this rural area. Affordable housing has been present in the zip code since 2006, with the completion of Hallmark By The Lake. The most recent project, Taylorsville Place, was completed in 2011, encompassing a five-year period of LIHTC development in the area.
The 72 affordable units primarily consist of two-bedroom apartments (64 units), with the remaining 8 units being three-bedroom apartments. This distribution suggests a focus on accommodating small families or individuals in need of affordable housing options.
The population in zip code 40071 has grown steadily over the past decade, increasing from 14,865 in 2013 to 16,261 in 2022, representing a 9.4% growth. During this period, the median income has also risen significantly, from $73,210 in 2013 to $84,583 in 2022, indicating overall economic growth in the area.
The racial composition of zip code 40071 has remained relatively stable, with the white population consistently representing about 93-95% of residents. There has been a slight increase in diversity, with small but growing percentages of Black, Hispanic, and multiracial residents.
No new LIHTC projects have been developed in zip code 40071 in the last decade despite population growth. This could be attributed to the rising median income, which might suggest a reduced need for additional affordable housing units in the area.
Zip code 40071 in Elk Creek, Kentucky, has a modest LIHTC-funded affordable housing inventory, consisting of 72 units across two projects. These units represent a small portion of the estimated housing stock, potentially indicating a need for further affordable housing development. The area has experienced population growth and significant income increases over the past decade, which may influence future affordable housing needs. While the racial composition remains predominantly white, there are signs of increasing diversity, which could impact future housing requirements. The lack of recent LIHTC developments, despite population growth, suggests that local housing policies and economic factors may be influencing the affordable housing landscape in this rural Kentucky community.
