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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 41094 in Walton, Kentucky, has a population of 15,371 as of 2022 and covers an area of 42.17 square miles. The Low-Income Housing Tax Credit (LIHTC) program has funded 44 affordable housing units in this zip code, all of which are designated as low-income units. Based on an estimated housing inventory of 5,889 units, the LIHTC-funded affordable housing covers approximately 0.75% of the zip code's housing stock.
The LIHTC program has invested $772,200 in tax credits for affordable housing projects in this zip code, averaging $17,550 per unit. This investment represents 0.21% of Kentucky's total LIHTC funding allocation. The sole LIHTC-funded project in the area, Towne Creek Crossing, was completed in 2019, marking the beginning of LIHTC-supported affordable housing in this zip code.
Towne Creek Crossing consists of 44 units, with a diverse mix of apartment sizes. The project includes 6 one-bedroom units, 24 two-bedroom units, and 14 three-bedroom units, catering to various household sizes and needs.
Over the past decade, the zip code has experienced steady population growth, increasing from 12,926 in 2013 to 15,371 in 2022. The median income has also risen, from $73,364 in 2013 to $80,315 in 2022, indicating an overall improvement in economic conditions.
The racial composition of the zip code has remained relatively stable, with a predominantly white population (92% in 2022). There has been a slight increase in diversity, with small percentages of Hispanic (3%), two or more races (3%), and Pacific Islander (1%) residents in 2022.
The introduction of LIHTC-funded affordable housing in 2019 coincides with a period of continued population growth and rising median income. This suggests that the development of affordable housing may have been a response to the increasing housing needs of a growing community, potentially aiming to maintain economic diversity as overall incomes rose.
The LIHTC program has made a modest contribution to the affordable housing stock in zip code 41094, with one project providing 44 low-income units. While this represents a small percentage of the estimated housing inventory, it marks the beginning of LIHTC-supported affordable housing in the area. The diverse unit mix of Towne Creek Crossing suggests an effort to accommodate various household sizes and needs. As the zip code continues to grow and evolve demographically, ongoing assessment of affordable housing needs will be crucial to ensure a balanced and inclusive community.