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Affordable Housing in Zip Code 46725: A Three-Decade Analysis of LIHTC Projects
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 46725, located in Columbia City, Indiana, contains 146 affordable housing units funded through the Low-Income Housing Tax Credit (LIHTC) program. These units, all designated as low-income, represent approximately 1.54% of the estimated 9,474 total housing units in the zip code. The LIHTC projects in this area have received $963,758 in tax credits, averaging $6,601 per unit in federal funding. This zip code accounts for 0.22% of the total LIHTC funding allocated to Indiana.
Affordable housing has been present in zip code 46725 for nearly three decades. The first LIHTC project, Riverside Villas, was completed in 1990. The most recent addition, Historic Blue Bell Lofts, was completed in 2017. The 2000s saw the most activity in affordable housing development, with three projects completed: Whitley Meadows Apts (2004), Trail Ridge Apts (2005), and Heritage Place (2008).
The LIHTC-funded housing in zip code 46725 offers a range of unit sizes. The inventory includes 25 one-bedroom units, 69 two-bedroom units, 30 three-bedroom units, and 9 four-bedroom units. This distribution indicates a focus on providing housing for small to medium-sized families.
Zip code 46725 has experienced steady population growth over the past decade, increasing from 23,676 in 2019 to 24,728 in 2022. The median income has fluctuated, rising from $65,122 in 2019 to $71,870 in 2021, before decreasing to $66,559 in 2022. These trends suggest a continued need for affordable housing options.
The racial composition of zip code 46725 has remained relatively stable. The population is predominantly white (93% in 2022). There has been a slight increase in diversity, with the percentage of residents identifying as two or more races growing from 2% in 2019 to 3% in 2022. The Hispanic population has remained steady at 2%.
The LIHTC program has significantly contributed to affordable housing in zip code 46725, with 146 low-income units across five projects spanning nearly three decades. These units represent a small percentage of the overall housing stock but address affordable housing needs in the area. The diverse range of unit sizes accommodates various household compositions. The zip code's steady population growth and fluctuating median income levels indicate an ongoing need for affordable housing options. Monitoring these trends will be crucial in assessing future affordable housing requirements in zip code 46725.
