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Affordable Housing in Zip Code 46140: Three Decades of LIHTC Development in Greenfield, Indiana
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 46140, located in Greenfield, Indiana, contains 453 affordable housing units funded by the Low-Income Housing Tax Credit (LIHTC) program. All of these units are designated as low-income units. The LIHTC inventory represents approximately 2.74% of the total housing stock in the zip code, based on the 2022 population of 43,191 and an estimated 16,548 housing units.
The LIHTC projects in zip code 46140 have received $4,638,469 in tax credits, averaging $10,239 in federal funding per unit. This zip code holds 1.08% of the total state LIHTC funding. Affordable housing has been present in this zip code for over three decades, with the first LIHTC project, Greenfield Village, completed in 1989. The most recent addition, Broadway Flats, was completed in 2019.
The 2010s experienced the most significant development in affordable housing, with five projects completed during this decade. Notable projects from this period include Prairie Meadows Apartments, Stonehurst Pointe, and Reflections At Bluestone Seniors Housing Campus I. The LIHTC funded housing inventory in this zip code offers a diverse range of unit types, including 16 efficiencies, 106 one-bedroom units, 193 two-bedroom units, and 8 three-bedroom units.
Over the past decade, zip code 46140 has experienced steady population growth, increasing from 39,975 in 2013 to 43,191 in 2022, an increase of approximately 8%. This growth may have contributed to the need for additional affordable housing units, as reflected in the LIHTC projects completed during this period.
The median income in the zip code has shown overall growth, rising from $68,975 in 2013 to $74,409 in 2022. This increase in median income may indicate a growing need for affordable housing options for those who have not experienced similar income growth. Racial demographics have remained relatively stable, with a slight decrease in the white population from 94% in 2013 to 92% in 2022, and small increases in other racial groups.
The LIHTC program has played a crucial role in providing affordable housing in zip code 46140 over the past three decades. With 453 low-income units across multiple projects, it has contributed to addressing housing needs in the area. The consistent development of LIHTC projects, particularly in the 2010s, aligns with the zip code's population growth and changing demographics. While the current LIHTC inventory represents a small percentage of the total housing stock, it provides a foundation for affordable housing in the community. Continued monitoring of demographic trends and housing needs will be essential for future affordable housing planning in this zip code.
