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Affordable Housing in Zip Code 46816: A Significant Presence of LIHTC-Funded 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 46816 in Fort Wayne, Indiana, contains a substantial amount of Low-Income Housing Tax Credit (LIHTC) funded affordable housing. This area has 928 total units in LIHTC-funded projects, with 813 designated as low-income units. Based on the 2022 population of 19,312 and using the national average household size, the estimated housing inventory in this zip code is approximately 7,399 units. The LIHTC-funded affordable housing comprises about 12.5% of the estimated housing inventory, representing a significant contribution to the area's affordable housing needs.
The LIHTC projects in zip code 46816 have received $18,701,034 in project tax credits, averaging approximately $20,152 in federal funding per unit. This zip code accounts for 4.35% of Indiana's total LIHTC funding, indicating a considerable concentration of affordable housing investment in this area.
Affordable housing has been a consistent feature of zip code 46816, with the first LIHTC project, Prestwick Square Of Ft Wayne, completed in 1993. The most recent addition, Silver Birch Of Fort Wayne, was completed in 2019, spanning over 26 years of affordable housing development. The 2000s saw the most activity in affordable housing construction, with projects like Tamera Gardens II, Villa Capri Apts, Tamera Senior Villas, Stephanie Villas Apts, and Arbors Of South Towne Square Apts being completed during this decade.
The LIHTC-funded projects in zip code 46816 offer a range of unit types, including 9 efficiencies, 306 one-bedroom units, 282 two-bedroom units, 186 three-bedroom units, and 8 four-bedroom units. This variety caters to different household sizes and needs within the low-income population.
Over the past decade, zip code 46816 has experienced fluctuations in population, with a general trend towards growth. The population increased from 17,940 in 2017 to 19,312 in 2022. Median income has also shown an overall upward trend, rising from $39,166 in 2017 to $39,474 in 2022, despite some fluctuations.
The racial composition of zip code 46816 has shifted noticeably. The percentage of Asian residents increased from 12% in 2017 to 20% in 2022, while the Black population remained relatively stable at around 32%. The White population decreased from 37% to 32% during this period. The Hispanic population has remained relatively consistent at around 11-12%.
Zip code 46816 in Fort Wayne, Indiana, demonstrates a significant commitment to affordable housing through its LIHTC-funded projects. With 928 total units, of which 813 are low-income units, these projects cover about 12.5% of the estimated housing inventory. The area has seen consistent development of affordable housing over nearly three decades, with the most activity occurring in the 2000s. The diverse range of unit types suggests an effort to accommodate various household sizes and needs. Recent demographic trends, including population growth and changes in racial composition, align with the continued development of affordable housing in this area. The substantial percentage of state LIHTC funding allocated to zip code 46816 underscores its importance in Indiana's affordable housing landscape.
