The Colonial Gardens Apartments offers a mix of unit types, with 1 one-bedroom unit, 15 two-bedroom units, and 8 three-bedroom units. This distribution suggests a focus on accommodating small to medium-sized families.

Over the past decade, the zip code has experienced some demographic changes. The population has remained relatively stable, with a slight increase from 10,586 in 2013 to 10,863 in 2022. During this period, the median income has grown significantly, rising from $67,681 in 2013 to $76,200 in 2022, indicating an overall improvement in economic conditions.

Racial demographics have also shifted. The white population has decreased from 81% in 2013 to 73% in 2022, while the Black population has increased from 9% to 14%. The Asian population has grown from 2% to 4%, and the Hispanic population has remained relatively stable at around 5-6%. These changes suggest a gradual diversification of the area's population.

Despite these demographic shifts and the increase in median income, no new LIHTC projects have been developed in the past decade. This could be due to various factors, including limited available land, zoning restrictions, or a focus on other types of housing development.

Zip code 40242 has a single LIHTC funded affordable housing project, Colonial Gardens Apartments, which has been serving the community since 1997. While this project provides 24 low-income units, it represents a small fraction of the estimated housing inventory. The area has experienced economic growth and increasing diversity over the past decade, but this has not translated into additional LIHTC funded affordable housing developments. The existing project continues to play a role in providing affordable housing options in an area with rising median incomes.