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Affordable Housing
LIHTC Projects
Median Income
Racial Distributions
Population
Zip code 52403 in Cedar Rapids, Iowa contains a notable Low-Income Housing Tax Credit (LIHTC) funded affordable housing inventory. This area has 99 total affordable housing units, with 92 designated as low-income units. Based on the 2022 population of 24,780 and an estimated 9,494 housing units, the LIHTC-funded affordable housing represents approximately 1.04% of the zip code's estimated housing inventory.
The LIHTC projects in zip code 52403 have received $926,308 in project tax credits, averaging $9,356 in federal funding per unit. This funding represents 0.44% of Iowa's total LIHTC allocation, indicating a modest but significant investment in affordable housing for this area.
Affordable housing has been present in zip code 52403 since at least 2009, with the most recent project completed in 2016. The Brown Apts, completed in 2009, and the Commonwealth Senior Apartments, finished in 2016, represent the span of LIHTC development in the area. The 2010s saw the most affordable housing activity in this zip code.
The inventory includes a diverse range of unit types: 19 efficiencies, 61 one-bedroom units, 16 two-bedroom units, and 3 three-bedroom units. This distribution suggests a focus on smaller households and potentially senior housing.
Over the past decade, the population in zip code 52403 has shown moderate growth, increasing from 23,069 in 2012 to 24,780 in 2022. The median income has fluctuated but generally trended upward, rising from $66,856 in 2013 to $71,910 in 2022. This income growth may indicate a changing economic landscape in the area.
Racial demographics have remained relatively stable, with a slight decrease in the white population from 87% in 2017 to 84% in 2022. There has been a small increase in the Black population from 5% to 8% and the Hispanic population from 2% to 4% during this period. These demographic shifts, while modest, could influence the need for diverse affordable housing options.
The LIHTC-funded affordable housing in zip code 52403 represents a small but important portion of the area's housing inventory. With 99 total units and $926,308 in tax credits invested, these projects contribute to addressing affordable housing needs in the community. The focus on smaller units suggests an alignment with demographic trends, potentially catering to smaller households or seniors. The gradual demographic changes and income growth in the zip code highlight the ongoing importance of maintaining and potentially expanding affordable housing options to ensure a diverse and inclusive community.