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Affordable Housing in Zip Code 48118: Two Decades of LIHTC Development in Chelsea, Michigan
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 48118 in Chelsea, Michigan, has a population of 14,012 as of 2022 and covers an area of 91.5 square miles. The Low-Income Housing Tax Credit (LIHTC) program has funded 121 total units in this zip code, with 53 of these designated as low-income units. Based on the estimated housing inventory of 5,369 units, the LIHTC-funded affordable housing covers approximately 2.25% of the zip code's housing stock.
The LIHTC program has provided $221,262 in tax credits for affordable housing projects in this zip code. This amounts to an average of $1,829 in federal funding per unit. This zip code accounts for 0.08% of the total LIHTC funding allocated to Michigan.
The first LIHTC-funded projects in this zip code, The Pines and Village Apartments, were completed in 2001. The most recent project, Sharon Ann Apartments, was completed in 2018, indicating that affordable housing has been present in this area for at least 17 years. The 2000s saw the most affordable housing development activity in this zip code.
The LIHTC-funded housing inventory in this zip code consists of 79 one-bedroom units and 42 two-bedroom units. This distribution suggests a focus on accommodating smaller households and families.
Over the past decade, the population in this zip code has grown steadily, increasing from 12,668 in 2013 to 14,012 in 2022. The median income has also risen, from $81,873 in 2013 to $86,582 in 2022, with some fluctuations in between. The racial composition has remained relatively stable, with the white population consistently representing over 90% of residents.
The completion of the Sharon Ann Apartments in 2018 aligns with the period of population growth and rising median income, suggesting a response to increased housing demand and potentially changing demographics in the area.
The LIHTC program has played a role in providing affordable housing in zip code 48118, funding 121 units over nearly two decades. While these units represent a small percentage of the total estimated housing stock, they contribute to addressing affordable housing needs in the area. The zip code has seen steady population growth and income increases over the past decade, which may influence future affordable housing needs and development.
