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Affordable Housing in Zip Code 47542: Two Decades of LIHTC Development in Huntingburg, 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 47542 in Huntingburg, Indiana, has a population of 10,025 as of 2022 and covers an area of 84.26 square miles. The Low-Income Housing Tax Credit (LIHTC) program has funded 137 total units in this zip code, with 110 of these designated as low-income units. Based on an estimated housing inventory of 3,841 units, the LIHTC-funded affordable housing covers approximately 3.57% of the zip code's housing stock.
The LIHTC projects in this zip code have received $1,591,912 in tax credits, averaging $11,620 per unit. This funding represents 0.37% of the total LIHTC funding allocated to Indiana. The zip code has seen LIHTC-funded affordable housing development spanning nearly two decades, with the earliest project, Lincoln Village Apartments, completed in 2001, and the most recent, Wagon Works, finished in 2020.
The 2010s saw the most significant growth in affordable housing, with two projects completed during this decade. The inventory includes a diverse mix of unit types, featuring 28 efficiencies, 49 one-bedroom units, 32 two-bedroom units, and 28 three-bedroom units, catering to various household sizes and needs.
Over the past decade, the zip code's population has remained relatively stable, with a slight increase from 9,518 in 2010 to 10,025 in 2022. The median income has shown some fluctuation, reaching $60,839 in 2021 before declining slightly to $57,948 in 2022. Racially, the area has become more diverse, with the white population decreasing from 83% in 2013 to 75% in 2022, while the Hispanic population increased from 14% to 22% during the same period.
The completion of two LIHTC projects in the 2010s aligns with these demographic shifts, potentially responding to changing housing needs in the community. The steady population growth and income fluctuations may have contributed to the continued development of affordable housing options in the area.
The LIHTC program has played a significant role in providing affordable housing in zip code 47542, contributing 137 units to the area's housing stock. While this represents a small percentage of the estimated total housing inventory, it marks a consistent effort to address affordable housing needs over nearly two decades. The diverse mix of unit types suggests an attempt to cater to various household sizes and demographics. The demographic trends, including a stable population and increasing diversity, align with the continued development of LIHTC-funded projects in the area, indicating an ongoing need for affordable housing options in this zip code.
