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Affordable Housing in Zip Code 40108: LIHTC Impact in Doe Valley, 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
Zip code 40108, located in Doe Valley, Kentucky, contains 20 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. These units constitute the entirety of the LIHTC inventory in this area. The estimated total housing stock for this zip code is approximately 4,197 units, based on the 2022 population of 10,955 and using the national average household size. The LIHTC-funded units represent about 0.48% of this estimated housing stock.
The LIHTC projects in zip code 40108 have received $161,470 in tax credits, resulting in an average federal funding of $8,073.50 per unit. This zip code accounts for 0.04% of Kentucky's total LIHTC funding. The presence of affordable housing in this zip code dates back to 1995 with the completion of the Lone Oak Apartments, Ltd. The most recent project, Brandenburg Apartments, was completed in 2010, indicating a 15-year span of LIHTC development in the area.
The LIHTC inventory in zip code 40108 consists of 14 one-bedroom units and 6 two-bedroom units, providing a mix of housing options for different household sizes. Over the past decade, the population in this zip code has increased from 10,226 in 2013 to 10,955 in 2022. The median income has also risen, from $58,241 in 2013 to $72,310 in 2022, indicating improving economic conditions for residents.
The racial composition of zip code 40108 has remained relatively stable, with a predominantly white population (92% in 2022). There has been a slight increase in diversity, with small increases in Hispanic and multiracial populations. Despite the population and income growth, no new LIHTC projects have been developed in the last decade. This may be attributed to the rising median income, which could have reduced the perceived need for additional affordable housing in the area.
Zip code 40108 has a small but established LIHTC-funded affordable housing presence, with 20 units developed over a 15-year period. While these units represent a small percentage of the estimated housing stock, they contribute to the area's affordable housing options. The zip code has experienced moderate population growth and significant income increases over the past decade, which may have influenced the lack of recent LIHTC development. The existing affordable housing inventory primarily consists of one and two-bedroom units, catering to smaller households in the community.
