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Affordable Housing in Zip Code 41051: Analysis of LIHTC-Funded Taylor Ridge Apartments in Independence, 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
The zip code 41051 in Independence, Kentucky, contains 99 Low-Income Housing Tax Credit (LIHTC) funded affordable housing units. These units, all designated as low-income, represent approximately 0.87% of the estimated 11,368 housing units in the zip code. The LIHTC program has invested $1,801,544 in tax credits in this area, averaging $18,198 per affordable housing unit. This investment accounts for 0.5% of Kentucky's total LIHTC funding allocation.
The affordable housing in zip code 41051 is concentrated in a single project, Taylor Ridge Apartments, completed in 2015. This development marks the introduction of LIHTC-funded affordable housing to the area. Taylor Ridge Apartments consists of 99 units, comprising 72 two-bedroom and 27 three-bedroom apartments, indicating a focus on accommodating families or larger households.
Demographic data for zip code 41051 shows steady population growth from 24,598 in 2010 to 29,671 in 2022. The median income has increased from $79,277 in 2013 to $85,557 in 2022, with some fluctuations. The racial composition has remained stable, with the white population consistently representing approximately 95% of residents. Other racial groups, including Asian, Black, Hispanic, and those identifying as two or more races, each comprise about 1% of the population.
The introduction of LIHTC-funded affordable housing in 2015 coincides with a period of population growth and rising median incomes in zip code 41051. This timing suggests that the development of Taylor Ridge Apartments may have been a response to increasing housing needs in a growing community, potentially aiming to maintain affordability in the face of rising incomes.
In summary, zip code 41051 in Independence, Kentucky, features one LIHTC-funded affordable housing project, Taylor Ridge Apartments, providing 99 low-income units. While this represents a small percentage of the estimated housing inventory, it marks a significant investment in affordable housing for the area. The project's completion in 2015 aligns with demographic trends showing population growth and increasing median incomes, indicating a proactive approach to maintaining housing affordability in a developing community. The focus on two and three-bedroom units suggests an emphasis on accommodating families or larger households within the affordable housing framework.
