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Affordable Housing in Zip Code 40165: LIHTC Funding and Demographic Trends
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 40165, located in Shepherdsville, Kentucky, contains a significant Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 325 total units in LIHTC-funded projects, with 309 of these designated as low-income units. Based on the 2022 population of 38,042 and an estimated 14,575 housing units, the LIHTC-funded affordable housing represents approximately 2.2% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 40165 have received $894,651 in project tax credits, averaging about $2,753 per unit. This funding represents 0.25% of Kentucky's total LIHTC allocation, indicating a notable investment in affordable housing for this area.
Affordable housing has been present in zip code 40165 for over two decades. The first LIHTC project, Northside Apartments II, was completed in 1996, and the most recent projects were finished in 2008. The 2000s saw the most significant development of affordable housing, with seven projects completed during this decade, including Cedar Grove Apartments Phase I and II, Robin Crest Partners, and Lakeview Station Apartments.
The LIHTC-funded housing in zip code 40165 offers a variety of unit sizes to accommodate different household needs. There are 38 one-bedroom units, 166 two-bedroom units, and 85 three-bedroom units, providing options for individuals, small families, and larger households.
Over the past decade, zip code 40165 has experienced steady population growth, increasing from 34,330 in 2013 to 38,042 in 2022. This growth suggests a continued demand for housing, including affordable options. The median income has also risen, from $59,967 in 2013 to $69,065 in 2022, potentially indicating a growing economy but also a potential increase in housing costs that could make affordable housing more crucial for lower-income residents.
The racial composition of zip code 40165 has remained relatively stable, with a slight decrease in the white population from 95% in 2013 to 93% in 2022, and small increases in other racial groups. This gradual diversification might influence future affordable housing needs and demographics.
Zip code 40165 has an established foundation of LIHTC-funded affordable housing, with projects dating back to 1996. The current inventory represents a small percentage of the estimated total housing units, yet provides essential low-income housing options. The area has seen consistent population growth and rising median incomes over the past decade, factors that may influence future affordable housing needs. The variety of unit sizes in LIHTC projects suggests an effort to accommodate diverse household compositions within the affordable housing inventory.
